Resale housing market in Columbia prospers as nation hits 9-year high

5 months 3 weeks 6 days ago July 24, 2016 Jul 24, 2016 Sunday, July 24 2016 Sunday, July 24, 2016 4:06:00 PM CDT in News
By: Lauren Donovan, KOMU 8 News Reporter

COLUMBIA - The National Association of Realtors reported this week a 9-year high for sales of existing homes this past May. While this comes as good news for the American economy, with sales at their highest level since February 2007, in Columbia the real estate market has maintained steady growth over the past years.

Following the housing bubble of 2008 that coincided with an economic recession, the national real estate market took a hit. However in Columbia, instead of sales decreasing, the market remained steady.

The city has recently taken the title of fourth largest in the state. President Elect of the Columbia Board of Realtors Jim Meyer said various economic factors and population growth have allowed for the market to maintain steady growth. 

"When I came to Columbia in 1977 the population was 40-some thousand, I was a third grader but I remember the signs...Now we are well over 100,000 so that's a sustainable rate of growth in the history of our market," Meyer said. 

The national study attributes the success of the market to an increase in the number of households. It reported that more young adults are heading into the work force and older Americans are downsizing their homes for something smaller and more affordable. 

"Well Columbia does have several engines of growth, our economy is mainly white collar so we don't have a boom and bust type industrial cycle, if you're in St. Louis area and a major employer like Boeing cuts back staff that's going to affect the real estate market." Meyer said. "The historic trend for Columbia has been growth." 

The study also includes reports from economists that said builders will have to respond to the increase the construction of homes to keep up with buyer's demand. 

Meyer said Columbia experiences a 3 to 5 percent rate of growth on average each year. He also said that June is his most profitable month. Since June of 2013 there has been a stagnant rate of existing home sales. 

More News

Grid
List
COLUMBIA - The U.S. Department of Agriculture released a new set of regulations on Wednesday that clarifies standards for living... More >>
5 hours ago January 19, 2017 Jan 19, 2017 Thursday, January 19 2017 Thursday, January 19, 2017 6:49:00 PM CST in News
COLUMBIA - The Columbia/Boone County Health and Human Services Department tracked a decrease in mumps cases reports when MU students... More >>
5 hours ago January 19, 2017 Jan 19, 2017 Thursday, January 19 2017 Thursday, January 19, 2017 6:42:00 PM CST in News
SPRINGFIELD (AP) — A southwest Missouri woman was sentenced to two years in prison without parole for selling more than... More >>
5 hours ago January 19, 2017 Jan 19, 2017 Thursday, January 19 2017 Thursday, January 19, 2017 6:39:07 PM CST in News
KANSAS CITY ( AP) — Missouri Democrats are asking Gov. Eric Greitens to support their efforts to force the new... More >>
5 hours ago January 19, 2017 Jan 19, 2017 Thursday, January 19 2017 Thursday, January 19, 2017 6:23:56 PM CST in News
ST. LOUIS (AP) — St. Louis police say a man was fatally shot just west of Hickey Park. According... More >>
5 hours ago January 19, 2017 Jan 19, 2017 Thursday, January 19 2017 Thursday, January 19, 2017 6:11:00 PM CST in News
BOONE COUNTY - The Missouri Highway Patrol has identified the person at the center of a death investigation north of... More >>
6 hours ago January 19, 2017 Jan 19, 2017 Thursday, January 19 2017 Thursday, January 19, 2017 5:15:35 PM CST in Top Stories
ST. LOUIS (AP) — St. Louis police say a 79-year-old man fatally shot the assistant manager of an apartment for... More >>
7 hours ago January 19, 2017 Jan 19, 2017 Thursday, January 19 2017 Thursday, January 19, 2017 4:53:42 PM CST in News
COLUMBIA - The Columbia Police Department responded to a shots fired incident near Quail Drive Thursday afternoon. According to... More >>
7 hours ago January 19, 2017 Jan 19, 2017 Thursday, January 19 2017 Thursday, January 19, 2017 4:25:00 PM CST in News
KANSAS CITY (AP) — A federal appeals court has revived a lawsuit challenging Missouri regulations limiting how alcohol producers and... More >>
8 hours ago January 19, 2017 Jan 19, 2017 Thursday, January 19 2017 Thursday, January 19, 2017 3:50:31 PM CST in News
JEFFERSON CITY (AP) — A Missouri senator says the state shouldn't be investing in Russia, and she has filed a... More >>
8 hours ago January 19, 2017 Jan 19, 2017 Thursday, January 19 2017 Thursday, January 19, 2017 3:44:00 PM CST in News
ST. LOUIS (AP) — The man who was the face of Ferguson, Missouri, in the turmoil that followed the 2014... More >>
9 hours ago January 19, 2017 Jan 19, 2017 Thursday, January 19 2017 Thursday, January 19, 2017 2:47:32 PM CST in News
COLUMBIA - New research from the University of Missouri School of Social work called for more attention to advanced directives,... More >>
9 hours ago January 19, 2017 Jan 19, 2017 Thursday, January 19 2017 Thursday, January 19, 2017 2:40:00 PM CST in News
JEFFERSON CITY (AP) — A bill prohibiting mandatory union fees in workplaces is moving to the Missouri Senate after winning... More >>
9 hours ago January 19, 2017 Jan 19, 2017 Thursday, January 19 2017 Thursday, January 19, 2017 2:36:00 PM CST in News
JEFFERSON CITY (AP) — Airport, trucking and business officials all are urging Missouri lawmakers to change state driver's license laws... More >>
9 hours ago January 19, 2017 Jan 19, 2017 Thursday, January 19 2017 Thursday, January 19, 2017 2:24:06 PM CST in News
KANSAS CITY (AP) — Kansas City-area investigators are searching for a missing college student from Wichita who hasn't been seen... More >>
9 hours ago January 19, 2017 Jan 19, 2017 Thursday, January 19 2017 Thursday, January 19, 2017 2:15:54 PM CST in News
KANSAS CITY (AP) — The city of Ferguson, Missouri, is appealing a federal jury's $3 million award to the family... More >>
9 hours ago January 19, 2017 Jan 19, 2017 Thursday, January 19 2017 Thursday, January 19, 2017 2:08:00 PM CST in News
MOUNT VERNON (AP) — A southwest Missouri fa rmer who was charged in a fork loader assault has pleaded guilty... More >>
10 hours ago January 19, 2017 Jan 19, 2017 Thursday, January 19 2017 Thursday, January 19, 2017 2:00:50 PM CST in News
COLUMBIA - A new report released by the Missouri Women's Foundation Thursday shows a need for policy changes to improve... More >>
11 hours ago January 19, 2017 Jan 19, 2017 Thursday, January 19 2017 Thursday, January 19, 2017 12:28:00 PM CST in News
Columbia, MO
Broken Clouds 46°
12am 45°
1am 44°
2am 44°
3am 44°