|
In the articles section, you will find everything you need for the perfect Thanksgiving; from recipes to cocktails, and decor to games. I also include some articles on how do "de-stress" for the holidays!
This month, the events sections features info on our annual Three Rivers Art Festival as well as satellite events, and even pre-Christmas happenings!
The cool weather has not yet caught up with the time of year but nevertheless, I hope to bump into you at one of these cozy holiday events!
ON THE REAL ESTATE FRONT
In the market, fluctuating interest rates continue to be something to watch. On November 7, the Central Bank will hold its policy meeting and due to a strong and growing economy, there are expectations of another rate cut.
Current Rates as of November 7:
-
30 year fixed - 6.89% [last month : 6.05%]
-
15 year fixed - 6.13% [last month : 5.21%]
On the home sales front, the news is mixed.
While Pending Sales stood at a 7.4% increase in September -- the strongest indicator since March -- Existing Homes Sales decreased by 1%. Incidentally, they decreased 3.5% from one year ago.
Lawrence Yun, Chief Economist at the National Association of Realtors, considered these factors:
“Home sales have been essentially stuck at around a four-million-unit pace for the past 12 months, but factors usually associated with higher home sales are developing.”
He continued:
“There are more inventory choices for consumers, lower mortgage rates than a year ago, and continued job additions to the economy. Perhaps, some consumers are hesitating about moving forward with a major expenditure like purchasing a home before the upcoming election.”
Despite a 3% increase on home prices from one year ago, more inventory has become available, offering buyers entering the marketplace more home buying choices.
MARKET HIGHLIGHTS
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 SEPTEMBER
- Pending Sales - increased by 7.4% month over month [while in the regional South they increased by 6.7%]
- Existing Home Sales - decreased by 1.0% - month over month
- Home Prices - increased 3.0% - year over year
Challenges:
- Insurance Rates
- Fluctuating Interest Rates
Nationally, the month of September continued to trend toward a Sellers Market with 4.3 months of Inventory [unchanged from last month].
| 
