While the stock market is volatile at the moment, the local housing market appears strong, based on the latest numbers from the Greater Baton Rouge Association of Realtors. Home sales in July across the nine-parish Capital Region were up nearly 10% over the same period one year ago to 955, while pending sales rose nearly 16% to 984. Meanwhile, the month’s supply of inventory dropped 22% to 4.5 months. The median sale price increased nearly 5% to $191,000.
Activity in East Baton Rouge Parish was also strong. Sales for the month increased nearly 10% over July a year ago to 539, while the months supply of inventory decreased nearly 26% to 4.6 months. The median sale price in the parish jumped 11% to nearly $199,000.
In Ascension Parish, new listings were down 12% and the median sale price dropped to $202,300. But sales overall were up 8.5%. In Livingston Parish, sales increased 6%, new listings were up 7% and the median sales price rose 2% to $165,300.
Better lending standards, lower oil prices and higher wages are among the reasons credited with the strength in the housing market. The local economy overall is also considered healthy.
