Feds likely to cut interest rates today. Will it help New Orleans' sluggish housing market?

When Scott Brannon listed a client’s Gentilly home in late April, he thought he was pricing it to sell, asking $245,000 for the three-bedroom home.

But after more than four months and a $10,000 price cut, the house is still on the market. On Monday, the veteran real estate broker was scheduled to meet with his client to suggest another price “adjustment.”

“When you have a lot of inventory on the market, and we do, it’s tough,” said Brannon, an associate broker with Compass. “So, you have to adjust the prices and realize some properties are going to take longer to sell.”

Since mid-2022, when a sharp rise in interest rates coincided with surging costs for insurance after Hurricane Ida, the residential real estate market in the New Orleans metro area has been in a slum p.

Fewer homes