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New Orleans' Housing Market is in Trouble

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Home sales dropped by over 20 percent in June compared to a year earlier, while home prices in the city continue rising.

The number of closed home sales in New Orleans' metro area dropped by a staggering 24.3 percent in June compared to a year earlier, a sign that the Louisiana city is still struggling under the weight of high interest rates and surging property insurance premiums.According to the latest data from the New Orleans Metropolitan Association of Realtors , the New Orleans metro area closed a total of 1,012 home sales last month compared to 1,336 in June 2023.

More From Newsweek Vault: How Much Down Payment Should You Put Down for a House?Newsweek contacted NOMAR for comment by email on Thursday morning.Rising home prices in the city are likely discouraging buyers from purchasing properties. According to NOMAR, the average sale price of a home in the New Orleans metro area was $365,181 in June, up 3.8 percent year-over-year. Prices were also up 5.

 

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