The national housing market cooled this fall, as is typical, but sales started to pick back up again in early November. In Baton Rouge however, inventory has dropped more than almost any other metro area, according to a new Redfin report.
The medium price of U.S. homes sold in October was $378,700, up 13% from a year earlier, which is the lowest growth rate seen since December 2020. Seasonally adjusted closed home sales fell 8% and new listings of homes for sale fell 11%, but pending sales rose 3% in October.
Lack of inventory still appears to be affecting home sales. Baton Rouge was the metro area with the biggest year-over-year decline in active housing supply in September, with a decline of 50%. Tacoma, Washington, saw the only increase, with a jump of 2%.
Baton Rouge also saw the third-largest decline in new listings in October from a year ago, with a drop of 52%. Salt Lake City ranked first with a drop of 59%, and Allentown, Pennsylvania, was second with a decline of 58%.
“Even though plenty of people bought homes last year, many homebuyers waited while the pandemic went from bad to worse and remote-work policies were finalized,” Daryl Fairweather, Redfin chief economist, said in a prepared statement. “The homebuyers who are just beginning their search are finding that the well has run dry.”