NEW ORLEANS — The New Orleans Metropolitan Association of Realtors, through its subsidiary, the Gulf South Real Estate Information Network, has released the latest Local Market Update and Monthly Indicators reports (attached) for October for the New Orleans Metro Area, which includes Jefferson, Orleans, Plaquemines, St. Bernard, St. Charles, St. John, St. James, St. Tammany, Tangipahoa and Washington Parishes.
Key takeaways from October include:
- New Listings in the New Orleans Metro area increased by 3.8% to 1,627.
- Pending Sales decreased 26% to 1,035.
- Closed Sale are down 16.7% to 1,031.
- Inventory increased 62.4% to 4,101
- Days on Market Until Sale increased 17.1% to 41.
- Months Supply of Inventory increased 77.8% to 3.2.
“For the fifth consecutive month, the inventory of homes for sale continues to trend upward, and while the closed and pending sales numbers have decreased, the decline is far less dramatic when compared to the year to date,” said David Favret, NOMAR president. “Despite a significant drop in 20-year mortgage rates yesterday, until inflation peaks, interest rates will continue to be unpredictable. All these factors — along with an increase in inventory, erratic interest rates and insurance issues — create the market that we see now.”
