The number of homes sold in August in Lafayette Parish and surrounding parishes remained higher than in August 2017 but fell closer to last year’s mark than in previous months.
In the Acadiana Real Estate Market report from Bill Bacque with Market Scope Consulting LLC, Lafayette Parish reported 304 homes sold in August compared to 296 a year ago, a 3.64 percent increase. The Lafayette area reported 484 sold in August, up 5.26 percent from last 467 in August 2017.
That gap, however, narrowed from earlier months, the more active times for home sales. Lafayette Parish reported 371 homes sold in May compared to 317 a year ago, while the area reported 531 sold in June compared to 449 in June 2017.
The overall numbers, he noted, remain solid for the area’s real estate market.
“April, May and June were barnburners,” Bacque said. “We didn’t have much of a bounce in our summer months last year, but we certainly did this year. August of last year was the second-highest month of sales reported in 2017.”
The number of home sales remain up through the first eight months of 2018 than a year ago. Lafayette Parish’s total is at 2,359, up from the 2,178 from a year ago, while the area has reported 3,631 homes sold, also up from last year’s total of 3,385.
Data also indicates the total dollar value of homes sold in Lafayette Parish from January to August rose by 1.8 percent. The value of homes sold outside the parish rose by only 3.3 percent.
“It’s a good market, but there are some areas were one can get down into the weeds in the numbers and see things that aren’t so great, but I’ll take this market anytime over a stagnating market,” Bacque said. “We’re a growing market. We may be having some shifts, but I think our housing market has been extremely resilient.”
A number of factors could be causing the number of sales to remain higher than last year, Bacque noted. Buyers are more confident in the economy and are willing to take on a mortgage, and the Federal Reserve is expected to raise interest rates more as the national economy recovers.
The market is also shifting, he noted, as more existing properties are coming onto the market and buyers are less apt to pursue new construction. Growth in resale is up 10 percent, while new construction is up about 3.2 percent.
This article provided by NewsEdge.