Baton Rouge area home sales fall 6.8% in September
A total of 837 houses were sold in the Baton Rouge metro area in September, a 6.8% decline compared to sales last September, according to the latest monthly housing report from the Greater Baton Rouge Association of Realtors.
Also on the decline last month were new listings, down 17.7%, and pending sales, which decreased 5.7%, suggesting sales could also slow in the coming months.
The average number of days a house sat on market before selling increased 14.5% to 63 days, while the average sales price rose 5.3% to $228,637 and inventory shot up 11.8% to 4,227 houses on the market. Those figures imply the Baton Rouge metro area remains a seller’s market, but one in which buyers are starting to see their leverage increase.
Typically, real estate professionals view supply of inventory dipping below 6 months to reflect a seller’s market. The figure—which is a measure of how long it would take to sell every home on the market at the current sales price—rose 17.5% to 4.7 months last month.
“Although residential real estate should continue along a mostly positive line for the rest of the year, rising prices and interest rates coupled with salary stagnation and a generational trend toward home purchase delay or even disinterest could create an environment of declining sales,” reads the GBRAR report.
As of the end of the third quarter, year-to-date home sales in the Capital Region, were down 4.8%, to 8,285, compared to the first nine months of last year.
The Capital Region’s three largest parishes saw mixed sales last month. East Baton Rouge Parish recorded a 9.1% decline, while sales in Ascension Parish increased 7.2% and Livingston Parish sales were down 19.5%.