As mortgage rates continue their climb over 6%, the common thought is home ownership is getting too expensive for some buyers. As a result, demand will drop, and prices will flatten or fall. It’s hard to argue with that logic. The median price for a home in Orleans Parish went up over 18% in the last...
There’s good news in the August numbers for both buyers and sellers in Orleans Parish. The number of pending sales jumped, reversing three straight months of declines. Mortgage rates fell from their highs last month, which is the most likely explanation for the rebound. Inventory is up about 10% from last year, and it’s taking...
The median price of a home in July dropped 14% from June. No, you should not go to your panic room and strap on a helmet. This is a sign of our market getting healthy – it hasn’t been – and a lagging indicator finally catching up to what we’ve all been seeing for a...
In New Orleans, the median price of a home sold in June shot up 7.7% to an all-time high. However, if you own a home in Orleans Parish, it’s not worth 7.7% more than it was last month. Let me explain. The number of properties sold under $400,000 is plummeting from its peak 12 months...
The skyrocketing cost of homeowner’s insurance in New Orleans has become a hot topic of conversation around the Rêve office. First of all, it’s causing havoc in some of our transactions. We’re finding buyers pre-approved by primarily out-of-town lenders who suddenly lose their approval because the actual premiums are much higher than what the lender...
“Alright, Alright…” Digging through the May market stats had me channeling my inner Matthew McConaughey. The number of homes for sale in Orleans Parish increased for the third month in a row, We have a long way to go yet before we get some balance in the market, but things are finally trending in the...
Succeeding as a small, local business has always been brutally difficult. These days? With a labor shortage, inflation, and a pandemic that can’t figure out that it’s time to leave? Woof. Our New Orleans business owners need all the help they can get, so now is as good of a time as any to share...
The median price of a home in Orleans Parish reached a new high in April, continuing a run that has seen an increase of 19% in the last 20 months. Higher prices and the recent increases in mortgage rates might make the market look difficult for buyers, but… Price statistics are a look back, not...
The long, steady plunge of the number of homes for sale in New Orleans might finally be bouncing off the bottom. Inventory has been on a consistent decline for the last two years. We saw the first significant increase in March. The number of homes for sale jumped 9% from its ridiculous low last month....
I just updated the market information again for all 48 neighborhoods in my listing map of New Orleans. You’ll see these stats when you hover over each of the neighborhoods in the desktop version of the site. Freshening up these numbers gives me great information to track how prices are moving all over the city....
