After Baton Rouge-area home sales rose in October—the first positive growth since May—they settled down in November, dipping 2.4%.
In November, there were 741 closed sales, a drop from the 759 sales posted for November the previous year. East Baton Rouge Parish led the three-parish area that’s studied by the Greater Baton Rouge Association of Realtors, with closed sales dropping more than 5%. Meanwhile, Ascension and Livingston parishes posted positive growth in closed sales at 2.8% and 3.6%, respectively.
Despite the recent drop, the year-to-date sales for the area are up by 1% at 10,077, compared to the 9,976 sold through November of last year.
Median sales price also dropped 2% last month, from $203,950 to $199,900. Year-to-date median sales price is up 3.5% at $206,950.
Months supply of available housing stock also continued its decline, dipping to 4.7 months and suggesting the market may turn toward a seller’s market from a neutral one. Days on market increased 12.5% to 72 days.
While many economic signs remain strong, GBRAR points to the rising total household debt as something to keep an eye on.
“While delinquency rates remain low across most debt types (including mortgages), higher consumer debt loads can limit future household spending capability and increase risk if the economy slows down.”
