|
Holiday Joy
A note on the final issue of the year; 2023 has inspired us to share some of our favorite content and themes with you.
Aside from year round recurring features on themes like Curb Appeal, Current Trends, Seasonal Tips, Home Staging, Increasing Your Home's Value and more, in August and September, we feature Fall!
Then in October, it's all about Halloween. In November, it's Thanksgiving. In December, there is Christmas and New Year's Eve, plus select holiday gift guides. From February to July, our themes center around issues dedicated to seasonal gardening, porches and patios, backyards and decks, pools and barbecues, and more.
But come January, We especially love sharing the New Year's Trends with What's In/ What's Out for your home issue. So this is what we'll be working on next and we can't wait!
This month, we get to share a few articles on holiday entertaining plus some amazing gift guides to help you choose the right gift for all of your loved ones. We truly hope all of the holiday joy we put into this newsletter affords you more quality time with all of those whom you hold dear.
On the Real Estate Front
Looking at national data, numbers including pending home sales and existing home sales reflect a period where mortgage rates were at their highest. However, Lawrence Yun, the Chief Economist at the National Association of Realtors had this to say about these figures:
"During October, mortgage rates were at their highest, and contract signings for existing homes were at their lowest in more than 20 years."
He continued with:
"Recent weeks' successive declines in mortgage rates will help qualify more home buyers, but limited housing inventory is significantly preventing housing demand from fully being satisfied. Multiple offers, of course, yield only one winner, with the rest left to continue their search."
These thoughts from Lawrence Yun indicate a couple of things:
- Mortgage rates recently dropped
- More home buyers will qualify to buy
- The market is still challenged by housing shortages
- Some homes are still receiving multiple offers
- Overall, the market remains somewhat competitive
Of course a closer look at local data will impact the above so you are invited to examine the national data and the local statistics outlined for you below.
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 the month of October
-
Pending Sales - decreased by 1.5%- month over month [while in the regional South they decreased by 1.9%]
-
Existing Home Sales - decreased by 4.1% - month over month
-
Home Prices - increased 3.4% - year over year
Continuing Challenges:
- Interest Rates
- Affordability
- Inventory Shortages
- Insurance Rates
The month of October continues to trend toward a Sellers Market with 3.6 months of Inventory.
| 
