Home sales in the Baton Rouge-area rose last month for the first time since May, according to the latest report from the Greater Baton Rouge Association of Realtors.
In October, there were 903 closed sales, a 10.5% increase over the 817 that closed in October the year prior. East Baton Rouge Parish led the three-parish area studied by the GBRAR, with closed sales increasing in the parish by 15.6% to 459. There was a 7% and 2.6% increase in Livingston and Ascension parishes, respectively.
Year-to-date sales in the area are also up by 3.6%, to 9,320.
New listings, meanwhile, have dropped. For October, listings were down nearly 8% to 1,157. Year-to-date, listings have decreased 0.2% to 13,714 through October, compared to last year’s 13,745.
Months supply of available housing stock also declined slightly, dipping to just shy of 5 months, suggesting the market remains neutral, while days on market increased 6.1% to 70 days.
Median sales prices continue to rise, growing 6.4% last month to $210,000, compared to last year’s median price of $197,350.
Constraining sales activity across the country is the continued low level of housing inventory, according to a statement by the GBRAR.
“As we begin the slower time of year for home sales, historically low mortgage rates will continue to support buyer demand and may create additional lift to home prices as excellent affordability gives buyers the ability to offer more to secure their dream home,” says GBRAR.
