As the wait goes on for the Federal Reserve to announce interest rate cuts, the area housing market continues to experience a decline in pending sales and new listings, according to the latest report from the Greater Baton Rouge Association of Realtors.
The Fed is expected to announce a cut in its benchmark rate by 25 basis points at its meeting on Wednesday.
According to the GBRAR report, pending sales dropped 11.7% in August year over year, while new listings dipped by 10%.
GBRAR reports statistics from the region’s three main housing markets: Ascension, East Baton Rouge and Livingston parishes. Across the three parishes:
- New listings decreased 10% to 1,226.
- Pending sales decreased 11.7% to 800.
- Closed sales increased 6.6% to 940.
- The percentage of list price received increased by 0.1% to 97.5%.
- Days on the market until sale increased 26.8% to 71.
- Inventory of homes for sale increased 17% to 4,083.
- Months’ supply of inventory increased 23.1% to 4.8.
In August, the median sales price for homes across the three parishes increased 5.3% to $260,000. The median sales price was $268,000 in July, $261,500 in June and $260,000 in May and April.
In comparing the three parishes, Ascension saw the most significant jump in the median sales price, rising 6.8% to $322,500 in August compared to last year. The median price was $335,050 in July. In Livingston, the median sales price increased 4.2% to $240,440.
Meanwhile, In East Baton Rouge Parish the median sales price fell 1.8% to $260,000.
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