What a rollercoaster 2022 was for the entire real estate market – from realtors and lenders to homeowners, potential sellers and homebuyers. Fortunately, we started 2023 with some positive developments.
The average mortgage interest rate fell to 6.15% from a high of 7.08% in the fall. Furthermore, the U.S. Federal Reserve announced their intention to hold interest rates steady starting in March through the end of the year.
While New Orleans home prices are still adjusting, they remain approximately 11% higher than a year ago and buyers and sellers are showing signs of re-entering the market. Learn more online here.
– Marty Brantley, Engel & Völkers New Orleans