The number of houses sold in metro Baton Rouge was 39.5% lower in February than the year before, the 12th month in a row there has been a year-to-year decline in home sales.
There were 600 houses sold in February, according to figures from the Greater Baton Rouge Association of Realtors’ Multiple Listing Service. That’s down from 992 MLS sales in February 2022.
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February 2022 was the last time there were more houses sold than the year before. Rising interest rates have caused home sales to drop nationwide, as the cost of borrowing money to buy a house has gotten more expensive.
The average for a 30-year fixed rate mortgage was 6.60% last week, according to data from the Federal Reserve Bank of St. Louis. That’s up from 4.42% nearly a year ago.
East Baton Rouge Parish, which accounts for the largest share of the local market, had a 36% drop in sales during February. There were 326 MLS sales during the month, down from 509 in February 2022. The number of houses sold in Livingston Parish was down 45.7% in February, from 208 to 113. Ascension Parish had the biggest drop in home sales, falling 57%, from 165 to 71.
The median sale price was virtually unchanged from February 2022, going from $254,000 to $254,308.
The slowdown in sales is continuing to shift the balance of the local housing market more in the favor of buyers. There were 2,322 homes for sale at the end of February, a 78.1% increase over the 1,304 homes on the market in February 2022. At the current rate of sales, the existing inventory would be exhausted in 2.7 months, up from 1.1 months in February 2022. Around six months is considered to be a balanced market.
The average home stayed on the market for 60 days in February, compared to 41 days a year earlier.
