New Orleans-area home sales decreased by double digits during October compared to the same month in 2021, mirroring a nationwide trend as interest rates climbed and inflation persisted.
The New Orleans million-dollar and above residential market has not been hit as hard in the downswing of luxury home sales in the rest of the nation, but prices are starting to see some reduction and inventory is growing as the market corrects.
Expect prices to increase, mortgage lending to tighten and a further cooling of the housing market that could last several years, according to analysts speaking at the 12th annual Economic and Real Estate Forecast Symposium.