Capital Region home sales continued to surge in August, beating last year’s figures for a third consecutive month as the market continues to stabilize after months of historic lows earlier this year.
More than 1,100 deals closed last month, an 11.2% increase year-over-year, according to the latest data from the Greater Baton Rouge Association of Realtors. Through the first eight months of 2020 sales are up 5.4% over the same period last year.
While pending sales increased nearly 13% in August, new listings continue to drop, posting a nearly 15% decrease last month. Meanwhile, median sales prices continue to rise, suggesting an increasingly competitive market for buyers. The median sales price last month was $225,000, a more than 8% increase from last year’s $207,500 median.
Months supply of inventory is also continuing to plummet, dropping 38.5% to 3.2 months, indicating that demand increased relative to supply.
While the housing market typically tends to cool in the fall, GBRAR says it expects activity in to remain high through the next few months.
“While uncertainty remains on what effects the upcoming elections and any seasonal resurgence of COVID-19 may have on the financial and housing markets, the healthy housing demand we see today will create significant tailwinds in the near term,” GBRAR says in the report. Read the full report.