ST. LOUIS (KTVI) - Home sales in the St. Louis area are doing well.
The Federal Reserve of St. Louis reports sales increased by nearly 18 percent – twice the national rate. Area home prices also increased by nearly six percent; again, also higher than the national rate.
In its latest report on economic conditions in the region, the Fed said the St. Louis residential housing market is showing signs of strong growth. And the reason for that increase? Most likely, a buyers’ mindset of locking in at these historic lows before the fed raises interest rates later this year.
We've been at these record low levels since 2008, when the Fed tried to ease the financial crisis by stimulating the economy with inexpensive loans. So how high will Janet Yellen go, and how will it affect you?
Chris Purcell, senior vice president at Central Bank, visits Fox 2 News in the Morning to discuss the economic impact of interest rates.