Baton Rouge Housing News: Positive Third Quarter Numbers In, Unemployment Down. Per the La REALTORS® report, Louisiana home sales were up twenty percent in Q3 2011 and up 2.5 percent year-to-date!
From the La report:
“Louisiana’s residential real estate market showed a significant increase in sales activity during the third quarter of 2011, with the number of home sales and the total residential sales volume up 20.2 percent over the third quarter of 2010. Year to date, the number of houses sold in the state is up 2.7 percent over last year.
“We’re very encouraged by the jump in home sales during the third quarter,” said Malcolm Young, CEO of Louisiana REALTORS. “Our market has generally followed the national trend over the past year, but our employment numbers have held stronger than the national average, and real estate activity now seems to be bouncing back from the ongoing effects of a slow economy and the BP oil spill.”
Louisiana’s unemployment rate at the end of the third quarter was 8.0 percent while the national unemployment rate stood at 9.0 percent. The state’s labor force is down less than a percent from last year’s total.
The average sales price of a home in Louisiana in the third quarter was $184,971, down 0.9 percent from the same period in 2010, but up marginally over a three year span.
“Home values have remained stable in Louisiana despite ongoing economic uncertainty,” said Young. “Our third quarter average sales price shows a slight increase of about 1.5 percent since late 2008 when the economic downturn began.”
Chart Source: Louisiana REALTORS®