Here’s another byproduct of the red-hot real estate market in Acadiana: People are spending more money on houses.
Thanks to still-low interest rates, homes sold in Acadiana in September totaled just under $137.5 million in total dollar volume, setting a record for any month on record and 62% higher than the $84.7 million posted one year ago, according to data compiled by Bill Bacque with Market Scope Consulting.
Sales in Lafayette Parish totaled just under $102 million, also the highest on record and eclipsing the $100 million in sales in July.
It’s the fourth straight month of skyrocketing sales in the region and statewide in what continues to be a strong seller’s market. Interest rates for 30- and 15-year fixed mortgages remain at 2.6% or lower.
“As fall begins, traditionally housing sales begin to slow down from their peak summer pace, but there is nothing traditional about 2020,” Bacque said. “Despite COVID-19, our damaged economy and even threatening hurricanes, it appears that our juggernaut housing market remains steadfast in its determination to set a new bar for performance.”
The cumulative sale price total is at $938.8 million and should set another record this year, Bacque noted. That total is 13% higher than last year’s pace, which finished at $1.08 billion.
In Lafayette Parish the gap is even larger. Cumulative sales are now at $693 million, which should easily top the $768.7 million from a year ago.
The number of homes sold in some of the higher price ranges has inched upward since June in the region.
- In the $300,000-$349,999 range, 99 homes sold between January and May but 115 have sold sine June.
- In the $350,000-$399,999 range, 54 homes sold between January and May but 90 have sold since June.
- In the $400,000-$449,999 range, 32 homes sold between January and May but 55 have sold since June.
In Lafayette Parish, where homes are often priced higher, those ranges have had similar bumps, including 77 homes sold in the $350,000-$399,999 range since June, topping the 41 sold through May.
The number of homes sold well outperformed last year and puts the totals for the year both in Acadiana and Lafayette Parish well ahead of last year’s pace. The 615 sold in the region last month pushes the total to 4,555, past last year’s mark of 4,227. In Lafayette Parish, the 401 sold puts the total at 2,922 for the year, past last year’s mark of 2,576.
The majority of the home sales remain in the southwest area of the parish. The area ranging from Youngsville to the area just east of U.S. 167 is where 1,364 of the 2,922 homes have been sold, which is nearly half.
New construction in that area is even more popular: Of the 687 new homes sold so far this year, 402 have come in that area.
Pending sales were way up again last month, data shows, including 643 in the region and 425 in Lafayette Parish.