Home prices up 4 percent in metro area in 2013 _lowres


Home prices rose across the metro area in 2013, as demand continued to grow in most of Orleans Parish and began to pick up in suburbs and east of the Industrial Canal where it had been weak.

The average cost of a single-family home in the metro area rose 4 percent to $110 per square foot in 2013, according to an analysis by real estate consultant Wade Ragas based on data from the New Orleans Metropolitan Association of Realtors.

The price is a record high, Ragas said. Homes in the metro area sold for about $102 per square foot before Katrina.

Prices were highest in Orleans Parish, where homes in acceptable or better condition fetched $153 per square foot on average in 2013. That’s $11 per square foot or 8 percent more than they sold for in 2012.

Jefferson Parish home prices climbed 4 percent in 2013, suggesting a turnaround for the parish, which saw no increase in 2012 and a price decline of 3 percent in 2011, Ragas said.

The year also marked a reversal for St. Tammany Parish. Home prices spiked 5 percent north of Lake Pontchartrain, the first year of higher prices since 2009.

Among the other parishes in the metro area, home prices were up two percent in Tangipahoa; 12 percent in St. John; 8 percent in St. Charles and 11 percent in St. Bernard. Home prices remained the same in Plaquemines Parish.