Home sales dipped 6.4% in the greater Baton Rouge area last month, compared to May sales a year ago, though “that has more to do with low inventory than a lack of buyer interest,” the Greater Baton Rouge Association of Realtors says.
In all, 992 homes were sold in May, down from 1,060 sales last May. The average sales price, however, increased by nearly 5% to $230,980. Pending sales were basically flat, at 1,099, while new listings rose 4.8% to 1,575.
Though inventory remains relatively low, it is rising. There were roughly 650 more homes on the market last month—3,996 total—than there were during May last year, a 19.4% increase.
Homes continue to sell at a brisk pace, but the average number of days on market rose 20% to 66 days.
Through the first five months of the year, home sales are down 7.3% compared to 2017, but the average sales price has risen from $206,745 to $222,208. GBRAR says the rise in prices is part of a the current economic upswing, driven primarily by low unemployment and rising wages.
Read the full May sales report from GBRAR.
