Home sales in the Baton Rouge metro area dropped 3% in July from a year ago, while home prices increased by 4%.
There were 1,091 homes sold in the nine-parish Baton Rouge market in July compared to 1,102 a year earlier, according to data from the Greater Baton Rouge Association of Realtors' Multiple Listing Service.
That brings overall home sales for the first seven months of the year to 6,463 compared to 6,471 between January and July in 2018. Home sales were at a tipping point in June and were mostly unchanged compared to last year, but trended down in July.
Pending sales, a sign of future real estate activity, were also down about 2.2% compared to last July, with about 965 in the pipeline across the metro area.
Livingston and Ascension had an increase in home sales that closed in July with 227 homes and 206 homes sold, respectively. Livingston Parish had the largest gain of 3.7% more home sales for July.
Home sales in East Baton Rouge Parish contracted 7.6% in July to 548 from a year ago. Likewise, pending sales were down 14.6% to 493. There were 2,378 houses on the market in East Baton Rouge Parish, a 4.6% increase in inventory.
Meanwhile, the median sale price across the Baton Rouge metro area was $210,000, an increase of 4% compared to last July. In East Baton Rouge Parish, the median sale price was up 2.1% to $211,000 while Ascension went up 7.7% to $234,760 and Livingston went up by 3.9% to $184,900. The median means half the homes sold for less than that amount and half for more.
New listings overall were up by 3.2% to 1,455 across the metro area. The volume of houses for sale, or inventory, was up 3.1% with 4,505 units on the market. That means there are about 5 months of housing supply available, with 6 months considered a healthy number of homes. Houses were on the market for an average of 64 days, up 3.1% compared to last July.