GNO Real Estate Report: Inventory of Homes for Sale Increases 71%
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 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 November’s Local Market Update compared to a year ago include:
- New Listings in the New Orleans Metro area decreased by 6.2% to 1,236
- Pending Sales decreased 20.6% to 951
- Closed Sales are down 35.1% to 862
- Days on Market Until Sale increased 19.4% to 43
- Inventory of homes for sale increased 71.7% to 4,004
- Months Supply of Inventory is up 100% to 3.2
“While housing affordability continues to be an obstacle, higher mortgage rates are only part of the challenge. In southeast Louisiana, affordable insurance remains a bigger obstacle. However, despite these challenges, the market remains steady,” said David Favret, NOMAR president, in a press release.