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First, the unhealthy information – the Nationwide Affiliation of Realtors reported September 19 that the variety of existing-home gross sales fell in August, and the most recent statistics from the New Orleans Metropolitan Affiliation of Realtors exhibits a downward pattern as nicely.

However the excellent news is that common gross sales costs proceed to surge regionally and nationally, and mortgage charges have dropped to their lowest ranges since February 2023, which can enhance closed gross sales numbers for the rest of the yr.

Nationally, whole existing-home gross sales, that are accomplished transactions that embrace single-family houses, townhomes, condominiums and co-ops, dropped 2.5% in August to a seasonally adjusted annual charge of three.86 million. Gross sales slid 4.2% nationally from one yr in the past (NAR August Report). That was the bottom August gross sales stage since 2010.

Within the New Orleans metro space, the variety of closed gross sales dropped 11% year-over-year in August with 1,009 houses offered, in comparison with 1,134 final August. 12 months-to-date, the closed gross sales numbers are down 8.3% with 7,953 houses offered within the New Orleans metro space via August of this yr, in comparison with 8,676 houses offered throughout the identical interval final yr.

These native statistics are in line with the NOMAR Native Market Replace – August 2024. NOMAR considers New Orleans metro as 10 parishes – Jefferson, Orleans, Plaquemines, St. Bernard, St. Charles, St. John, St. James, St. Tammany, Tangipahoa, and Washington.All main New Orleans metro parishes additionally skilled double digit share decreases within the variety of closed gross sales in August. St. Tammany Parish had the most important decreased, dropping 15.7% YTD, with 280 this previous month in comparison with 332 final August. Orleans Parish closed gross sales decreased 13.9% with 198 final month, down from 230 final August. Jefferson Parish noticed closed gross sales lower 10.4% with 285 final month, in comparison with 318 final August.

Nevertheless, there could also be gentle on the finish of the tunnel for realtors. The usual, 30-year fixed-rate mortgage stands at 6.09%, and the 15-year fixed-rate mortgage charge is at 5.15%, in line with Freddie Mac. The 30-year mounted charge is down from final week’s 6.20% and on the lowest stage since early February 2023. The Federal Reserve lower rates of interest by a half level September 18, the primary charge lower since March 2020. This charge lower might additionally assist additional decrease mortgage charges and help the housing market.

Within the meantime, common house gross sales costs proceed to climb, each nationally and regionally.Nationally, in line with the NAR, house costs elevated 3.1% as much as $416,700. It was the 14th straight year-over-year enhance and a document for August house costs. In New Orleans metro, the typical gross sales value elevated 6.5% to $337,418 in August 2024, in comparison with $316,711 final August. Common house gross sales costs are additionally up 5% YTD.

Orleans Parish noticed the most important enhance in common gross sales costs in August, leaping 14.8% to $466,597, in comparison with $406,551 final August. Jefferson Parish elevated 6.5% YOY to $308,634, whereas St. Tammany Parish elevated 5.2% YOY, as much as $360,094 in August.

The common days on market continues to be an issue throughout the New Orleans metro space. In August, houses spent a median of 65 days in the marketplace, up 32% YOY in comparison with 49 DOM final August. Orleans Parish has the best DOM common with 79 this previous month, up 27.4% from the 62 DOM common final August.