Buying a home in the New Orleans area remains a difficult task. The latest data from the 10-parish metropolitan area shows the median sale price is 278-thousand dollars, about 9-percent higher than last year.
Meanwhile, mortgage rates continue to rise – up to nearly 6-percent. The costs of homeowners and flood insurance are skyrocketing in many areas, as well. One realtor says homebuyers are getting hit from every direction.
Gas prices are tumbling, and oil prices are right behind them.
The Louisiana statewide average for a gallon is down to 4-dollars-and-33-cents, a 9-cent drop from last week. The U-S benchmark – West Texas Intermediate – closed below 100-bucks-a-barrel for the first time since May.
That’s because of fears that an impending recession would tamp down demand.