SHREVEPORT, LA – Mortgage rates are falling and that is leading to more activity in the real estate world. Scott Hughes of the Northwest Louisiana Real Estate Association says KEEL News Sales in this region increased by about 20% compared to the previous month.
Mortgage rates in the US fall to two-year low
In July, 450 units were sold, compared to 361 in June. In July 2023, 387 homes were sold in Northwest Louisiana, meaning we saw a 16% increase over the same month last year.
Since January, 2,638 homes have been sold across the region.
Real estate sales decline as market cools
What is the average price of a home in Shreveport Bossier?
The average price is currently $262,113. Last month, we paid an average of about $258,085 for a home. A year ago, the average price of a home was $247,014, so prices are up about 6% year over year.
Mortgage rates in the US fall to two-year low
These lower rates are boosting selling and this trend is expected to continue in the coming months. We expect the Fed to cut rates, which will lead to even more activity.
What are the biggest obstacles in the Shreveport Bossier housing market?
Hughes tells us that rental prices have increased considerably and he expects this to be an ongoing problem. He says recent problems with out-of-state owners not taking care of apartment complexes will limit rental inventory. He says this will drive up prices on other rental properties. But he agrees with the city’s actions to hold these out-of-state “slumlords” accountable.
The hottest neighborhoods in Shreveport Bossier
Which subdivisions generate the most sales in the region?
