This July, we continue to witness a housing market that is still impacted from a lack of inventory and other continuing factors.
Lawrence Yun , the Chief Economist for the National Association of Realtors had this to say about current market conditions:
“Despite sluggish pending contract signings, the housing market is resilient with approximately three offers for each listing.”
For Sellers, that is very good news. He also had this to say about lack of inventory and the impact on a full housing recovery:
“The lack of housing inventory continues to prevent housing demand from being fully realized.”
So our challenges with inventory continue but know that we work very hard to find our clients the best outcomes for their home sales as well as buying experiences. As always, if we may help you with either, please contact us. We'd really love to work with you!
Scroll down for regular monthly features such as the Market Data, Listing of the Month, Clients of the Month, Community Spotlight, a Calendar of Holidays and Observances, Farmers Markets, Community Events, and this month's curated articles on Patios, Pools and Pergolas to help you plan your best Summer!
Note that this is the last Summer issue for 2023 as we can hardly wait to start working on our first Fall issue for next month.
And now for data on the national, state, and local markets.
Below, please find national real estate housing data and infographics from the National Association of Realtors. Keep reading to view the summary for the Louisiana market and in particular, St. Tammany and Tangipahoa Parishes.
We think you'll be most interested in what is happening here, but it helps to be aware of national market trends.
Please keep in mind that on the national level, data lags one month behind.
National Snapshot for the month of *May
Pending Sales - decreased by 2.7%- month over month [while in the regional South they decreased by 4.4%]
Existing Home Sales - increased 0.2% - month over month
- Interest Rates
- Inventory shortages
The month of May continues to trend toward a Sellers Market with 2.6 months of Inventory