'Real Estate Weekly': B.R. home prices buck national retreat

'Real Estate Weekly': B.R. home prices buck national retreat




At the close of 2011, average U.S. home prices reached lows not seen in a decade, according to the Standard & Poor's/Case-Shiller index tracking 20 metros around the nation, not including Baton Rouge. While prospective homebuyers who are calling local real estate agents such as Jerry del Rio have obviously read the widespread media reports about rock-bottom home prices that followed the report's recent release, del Rio says the national headlines don't reflect what's happening in the Baton Rouge market. "People are reading the paper and coming in here thinking they're going to get an unbelievable deal," she says. "They're not. If you're talking about a foreclosure or a home that's been on the market for a long, long time, then maybe. But if it's a new house or a recently built home in good condition, [the seller's] going to get their price." Home prices in the Capital Region have remained relatively stable, del Rio says, because the local market never experienced the dramatic pre-recession price jumps that occurred in nearly all of the nation's 20 largest metros. Put simply: No bubble, no bust. The Standard & Poor's/Case-Shiller index says the United States saw an overall 4% drop in home prices last year. The Greater Baton Rouge Association of Realtors reports the average sales price in the eight-parish region it tracks dipped to $190,340 in 2011, down about 2.7% from $195,594 in 2010. Check out the rest of this story and all of the new Real Estate Weekly e-newsletter here. —Steve Sanoski



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