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

4 years 2 months 2 days ago Sunday, July 24 2016 Jul 24, 2016 Sunday, July 24, 2016 4:06:00 PM CDT July 24, 2016 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
STE. GENEVIEVE - Blair Oaks' 51 regular season game win streak ended against Valle Catholic on Friday. Blair Oaks fell... More >>
7 hours ago Friday, September 25 2020 Sep 25, 2020 Friday, September 25, 2020 8:47:00 PM CDT September 25, 2020 in Friday Night Fever
(CNN) -- Covid-19 vaccinations could start as early as November, Dr. Anthony Fauci, the nation's leading infectious disease expert, said... More >>
8 hours ago Friday, September 25 2020 Sep 25, 2020 Friday, September 25, 2020 7:55:00 PM CDT September 25, 2020 in News
COLUMBIA - Columbia’s Goodwill Excel Center Hosted its very first commencement ceremony. The Goodwill Excel Center is a free... More >>
8 hours ago Friday, September 25 2020 Sep 25, 2020 Friday, September 25, 2020 7:51:00 PM CDT September 25, 2020 in News
JEFFERSON CITY (AP) — Nine television stations have pulled an ad criticizing Democratic candidate for Missouri governor Nicole Galloway. ... More >>
10 hours ago Friday, September 25 2020 Sep 25, 2020 Friday, September 25, 2020 5:47:00 PM CDT September 25, 2020 in News
MID-MISSOURI - Week five of Friday Night Fever is here. Before you head out to your team's game or tune... More >>
10 hours ago Friday, September 25 2020 Sep 25, 2020 Friday, September 25, 2020 5:42:00 PM CDT September 25, 2020 in Sports
O'FALLON, Mo. (AP) — A federal appeals court panel is weighing the fate of a sweeping Missouri abortion law, including... More >>
11 hours ago Friday, September 25 2020 Sep 25, 2020 Friday, September 25, 2020 5:15:01 PM CDT September 25, 2020 in News
Welcome to Week 5 of Friday Night Fever! Our game of the week features the Eldon Mustangs travelling to Southern... More >>
11 hours ago Friday, September 25 2020 Sep 25, 2020 Friday, September 25, 2020 4:55:00 PM CDT September 25, 2020 in Friday Night Fever
Below are scores from high school football games from across mid-Missouri. Check out KOMU 8's liveblog with updates from some... More >>
11 hours ago Friday, September 25 2020 Sep 25, 2020 Friday, September 25, 2020 4:54:00 PM CDT September 25, 2020 in Friday Night Fever
ASHLAND - It's Thursday morning. Head football coach Trent Tracy gets to Southern Boone High School to turn on the... More >>
12 hours ago Friday, September 25 2020 Sep 25, 2020 Friday, September 25, 2020 4:10:00 PM CDT September 25, 2020 in Friday Night Fever
MOUNT VERNON, Mo. (AP) — Nine people have been indicted by a grand jury in connection with the kidnapping and... More >>
12 hours ago Friday, September 25 2020 Sep 25, 2020 Friday, September 25, 2020 4:05:38 PM CDT September 25, 2020 in News
(CNN) -- President Donald Trump intends to choose Amy Coney Barrett to be the new Supreme Court justice, according to... More >>
13 hours ago Friday, September 25 2020 Sep 25, 2020 Friday, September 25, 2020 3:16:00 PM CDT September 25, 2020 in News
JEFFERSON CITY - Jefferson City firefighters responded to a structure fire in the 400 block of Marshall Street Friday morning... More >>
16 hours ago Friday, September 25 2020 Sep 25, 2020 Friday, September 25, 2020 12:12:00 PM CDT September 25, 2020 in News
As COVID-19 continues to spread, KOMU 8 will continue to update you about impacts in the community. Previous coverage: ... More >>
17 hours ago Friday, September 25 2020 Sep 25, 2020 Friday, September 25, 2020 11:09:00 AM CDT September 25, 2020 in News
COLUMBIA-- A group of University of Missouri students is holding a sit-in Friday on Mel Carnahan Quadrangle on the MU... More >>
18 hours ago Friday, September 25 2020 Sep 25, 2020 Friday, September 25, 2020 10:13:00 AM CDT September 25, 2020 in News
MONITEAU COUNTY - One man is in custody after a police pursuit through mid-Missouri Wednesday. Matthew Scovell, 40, of... More >>
18 hours ago Friday, September 25 2020 Sep 25, 2020 Friday, September 25, 2020 9:55:00 AM CDT September 25, 2020 in News
MISSOURI- As COVID-19 continues to spread, KOMU 8 will continue to update you about impacts in the community. The... More >>
19 hours ago Friday, September 25 2020 Sep 25, 2020 Friday, September 25, 2020 9:00:00 AM CDT September 25, 2020 in News
(CNN) -- At least 41 people are sick in 10 different states after a salmonella outbreak that has been linked... More >>
19 hours ago Friday, September 25 2020 Sep 25, 2020 Friday, September 25, 2020 8:57:53 AM CDT September 25, 2020 in News
WASHINGTON (AP) — Supreme Court Justice Ruth Bader Ginsburg becomes the first woman in American history to lie in state... More >>
19 hours ago Friday, September 25 2020 Sep 25, 2020 Friday, September 25, 2020 8:25:00 AM CDT September 25, 2020 in News
Columbia, MO
Broken Clouds 63°
5am 63°
6am 62°
7am 62°
8am 63°