BR-area home sales rise in September

Baton Rouge-area home sales rose 12 percent in September, according to figures released by the Greater Baton Rouge Association of Realtors.

Realtors sold 698 homes in the eight-parish metro area, compared with 622 that month the year before.

Dollar volume rose 21 percent to $137.3 million.

For the year, the metro area is up 14 percent to 5,820 homes sold. Dollar volume is up 14 percent for the year to $1.12 billion.

David McKey, of Coldwell Banker One, said low mortgage rates — below 4 percent for a 30-year fixed-rate loan — continue to keep buyers interested, and consumer confidence and falling unemployment figures have people a little more at ease.

The average sale price for the first nine month has been the same and “makes them feel like the market has stabilized a bit,” he said.

Average current days on market was up in September — 130 days compared with 120 days that month last year.

McKey said that declining inventory is helping to balance the market.

“Both buyers and sellers are feeling good about their position in the market,” he said.

There were 4,353 homes on the market in September, 6.2 months of inventory at the current sales rate, compared with 4,779 a year ago, which was 7.7 months at that time.

The month followed an August that saw sales fall for the first time this year.

August sales were down 12 percent at 627 compared with 715 in August 2011. Dollar volume fell 11 percent to $125.5 million in August.