Report: Home Sales Slow Down but Median Price Continues to Rise
NEW ORLEANS — According to the July 2022 Monthly Indicators Report from the New Orleans Metropolitan Association of Realtors and the Gulf South Real Estate Information Network, high home prices and an increase in homeownership costs continue to slow buyer activity nationwide.
Home sales have declined for the fifth consecutive month, but there’s a bright side: despite the summer slowdown, the median sales price continues to rise, and homes are still selling quite quickly.
“The biggest struggles we’re seeing right now are the interest rates and finding affordable insurance,” said David Favret, NOMAR president, in a press release announcing the new report.
NOMAR’s latest Local Market Update covers the New Orleans Metro Area, including Jefferson, Orleans, Plaquemines, St. Bernard, St. Charles, St. John, St. James, St. Tammany, Tangipahoa and Washington Parishes. It’s designed to offer insight into regional real estate trends.
More than 100 years old, NOMAR is composed of the Realtors Association, Commercial Investment Division and GSREIN.