Buying a home in Baton Rouge: It’s not easy
Low inventory continues to impact Baton Rouge area home sales, which rose just .9% in May, the latest report from the Greater Baton Rouge Association of Realtors says.
Though buyers only closed on the sales of 1,053 homes during the month, demand remained high, the GBRAR’s report says.
Pending sales were up 15.2% to 1,154. But buyers likely felt pressured by low inventory as days on market dropped 20.3% to 55 days, the report notes.
The region’s housing stock continued to decline as well, sliding 13.4% to 3,125 units when compared to the same month last year. Months supply of inventory tumbled 21.4% year over year to just 3.3 months though new listings were up 11.4% to 1,476.
“As has been the case for month after month—and now year after year—low inventory is the primary culprit for any sales malaise rather than lack of offers. The August 2016 flood certainly didn’t help area inventory,” GBRAR reports.
Generally, there’s been a slowdown in sales across the country, the report notes.
“This cannot be blamed on negative economic news,” GBRAR says. “Unemployment remains low and wage growth, though nothing to overly celebrate, has held steady or increased for several years in a row.”