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It’s no secret that the “frenzied” real estate market came to a screeching halt earlier this year as a result of increasing inflation and a series of interest rate hikes in recent months. While home prices rose roughly 3-5% in 2022, home sales dropped between 25-35% across the New Orleans area.
Lawrence Yun, chief economist for the National Association of Realtors, anticipates the pace of home sales will continue to be sluggish while home prices begin to stabilize in 2023.
To compare statistics for New Orleans’ residential real estate market against 2020-21 sales and view a year-end snapshot, read here.
– Marty Brantley, Engel & Völkers New Orleans