Real estate consultant says area homes still very affordable, but prices vary from parish to parish
Local real estate consultant Wade Ragas says home prices in the New Orleans area are trending upward just as home prices in other metro areas of the country are rising, as indicated in the Standard & Poor's/Case-Shiller index, a closely watched gauge, released Tuesday.
"We are having house price appreciation here fairly typical of what's happening in the nation as a whole. It's ranging between 3 and 7% per year depending on the geography," Ragas told 99.5FM Wednesday.
Ragas says house prices are trending upward in most of the local suburban market as well as in New Orleans, and that means affordability will decline as one waits to buy a home.
"The low interest rates are not gonna last forever. So if you want to buy, the opportunity to do it is now while you can still get a four-and-a-half percent 30-year loan, fixed rate," Ragas urged.
Ragas says local home prices are still very affordable but vary from parish to parish.
"In Jefferson, in the first half of 2013, the average house price was about $197,000, whereas in Orleans, it was $327,000 and in St. Tammany $220,000," Ragas said.