While the Baton Rouge area saw home sales rise 3.5% last month, inventory is growing and the pace of slowing, according to a new monthly report from the Greater Baton Rouge Association of Realtors.
The 4,198 homes on the market last month represented a 16.8% increase over the same month last year, while the average days on market increased 26% from last June to 63 days.
Meanwhile, the month’s supply of inventory—or the amount of time it would take to sell all of the homes on the market at the current sales pace—increased 21.1% to 4.6 months, up from 3.8 last July. Realtors typically view any measure below 6 months to indicate a seller’s market.
“Housing price bubble chatter has increased this summer, as market observers attempt to predict the next residential real estate shift,” reads the July housing report. “It is too early to predict a change from higher prices and lower inventory, but the common markers that caused the last housing cooldown are present.”
Seven months through the year, a total of 6,909 homes have been sold in the Capital Region, which is 5% fewer than were sold year-to-date last year. The average sales price this year, at $225,161, is 5.4% higher than last year through July.