KEY TAKEAWAYS:

New Orleans metro homes sold increased 11.8% YoY in September.

Orleans Parish closed sales rose 28.8%; St. Tammany up 21.7%.

Average home price in the metro area reached $351,002, up 4.7% YoY.

Mortgage rates at lowest in a year are boosting buyer activity.

The New Orleans residential real estate market is beginning to gain some momentum as for the second consecutive month, the number of closed sales has increased year-over-year.

According to the Local Market Update published by the New Orleans Metropolitan Association of Realtors® ( NOMAR ), realtors sold 1,011 homes in the New Orleans metro area in September, which was a YoY increase of 11.8%. Orleans Parish and St. Tammany Parish showed impressive double-digit percentage increases as well with closed sale

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