Buyers Seeking Smaller Homes Drive Down Average Selling Price in New Orleans Area
New Orleans City Business › November 28, 2011
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Summary
The average selling price of homes in the New Orleans area in October was down 11.6 percent compared with last year, from $220,605 to $195,023, according to statistics the Gulf South Real Estate Information Network released today. More homes were sold this year at 653 compared with 541 in 2010.
"Some of this apparent big drop (in home prices) is a shift in the nature of the buyer, and we have a buyer who's looking for a smaller house," real estate analyst Wade Ragas said.See the full content of this document
Extract
Buyers Seeking Smaller Homes Drive Down Average Selling Price in New Orleans Area
His data shows a 10 to 11 percent drop in the average living area of houses sold in the metro New Orleans area between July and October. In Orleans, the average home sold in the first half of the...
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