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The Capital Region’s housing market is continuing to cool down, following national trends, according to the latest data released by the Greater Baton Rouge Association of Realtors.
New listings, pending sales and closed sales all decreased last month, while the length of time on market until sale and the months’ supply of inventory both increased.
GBRAR points to higher mortgage rates, along with elevated sales prices and a lack of housing inventory, as continuing to impact market activity during the summer homebuying season. New listings in the Capital Region—defined as Ascension, East Baton Rouge and Livingston parishes—decreased 7% last month, while days on market until sale increased 77% to 55 days.
Months supply increased nearly 50% to 3.4 months, as the market continues to shift to favor buyers. A neutral or buyer’s market is said to be six months or more.
“Buyers are beginning to see relief from the strong sellers’ market with an increase in inventory,” reads the report from GBRAR. “There was a slight increase in median sales price, and the decrease in percent of list price received benefited buyers slightly.”
Here’s the full breakdown for the Capital Region:
- New listings decreased 7.0% to 1,100
- Pending sales decreased 14.8% to 725
- Closed sales decreased 15.9% to 838
- Median sales price increased 2.0% to $255,000
- Percent of list price received decreased 1.0% to 97.5%
- Inventory of homes for sale increased 12.8% to 2,608
- Months’ supply of inventory increased 47.8% to 3.4
