At the beginning of any month, Metairie onlookers can find batches
of fresh reports about national real estate market activity. Take October, for
instance. We’ve just learned a bunch about what happened across the country. September’s
numbers won’t be collected and analyzed for a while, but the fresh real estate
market data for August is out, as well as July revisions. Since earlier findings
are always being tinkered with as estimates are replaced with hard results, we also
get improved readings from the earlier month.
This latest batch of real estate market news was upbeat,
downbeat, and, uh…sideways. Thursday was the first day in October, which was
when CNN Money came out with some good
old-fashioned cheerleading. “Americans
went shopping for homes in August,” they headlined. The reason cited was
for new home sales: they notched the highest volume since early in 2008:
552,000. It was a nice way to get the month’s data reports started.
Home prices, on the other hand, were not yet available for the
August timeframe—but July’s Case-Shiller Home Price Index had pointed upward.
It showed a 4.7% rise in prices paid for homes from a year earlier. This made
for “moderate, but still above average, price appreciation,” according to Realtor.com’s
chief economist. The prices were seen to have edged up just 0.7% from June,
which was “barely higher” yet “much higher than last year.” If that summary had
been illustrated, it would have merited both a frowny face and a smiley face.
There were other preliminary soundings about what the
August price information was likely to be, and they were just as equivocal.
The National Association of Realtors® tracks pending home sales data (homes
under contract but not yet closed), and by that measure, there was a slight
retreat from July’s level. Yet although
the preliminary number showed a 1.4% drop, which was still more than 6% higher
than August 2014’s had been. Which was more compelling? Altogether, the news
for sellers was deemed to be stronger. “Demand continues to outpace supply,”
according to the NAR. “Shed no tears for sellers.”
If that sentiment is shared by Metairie homeowners, it
might nudge some into listing their home now rather than waiting for the next
truly robust real estate market—traditionally not expected until next spring. Although
fall and winter usually find fewer buyers on the prowl for new digs, those who
do surface are generally regarded as serious shoppers. And since the number of Metairie
listings usually declines as the holidays approach, there’s a good argument to
be made that less competition tilts in favor of sellers.
We have to wait until next month to get a read on how September
activity fared; but for anyone who sees the advantages this October’s Metairie real
estate market offers, I share your opinion! It’s definitely worth giving me a
call.
The culture of our city has so much to offer... Love our city, New Orleans.
Questions about buying or selling a home?
Call Terez B. Harris
504.297.2619
View Homes For Sale in Metairie
View Homes For Sale in New Orleans
Call Terez B. Harris
504.297.2619
View Homes For Sale in Metairie
View Homes For Sale in New Orleans
Terez B. Harris
Terez Harris NOLA Realtor Group
Terez Harris NOLA Realtor Group
(504)297-2619
www.TerezHarris.comTerezHarris@kw.com
Terez B. Harris Terez Harris NOLA Realtor Group 504-297-2619 www.TerezHarris.com
Keller Williams Realty New Orleans 8601 Leake Ave. New Orleans, LA 70118 504-862-0100
Keller Williams Realty New Orleans 8601 Leake Ave. New Orleans, LA 70118 504-862-0100
Each office independently owned and operated. All brokers and agents licensed in the state of Louisiana.
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