The cooling of the Acadiana real estate market continued in August as the number of pending sales dropped for the fifth straight month.
Sales last month were again a record for August and the yearly total is expected to set another record, but totals for the second straight month were similar to last year’s totals, according to data from Bill Bacque with Market Scope Consulting. The number of new listings have increased compared to a year ago, which could mean the stretch of an overflowing total of home sales due to historically low interest rates could be reaching an end.
“While some of this slowdown can have a seasonal attribution, there are clear indications that some of the pent-up demand unleashed post-COVID lockdown has been satisfied,” Bacque wrote.
The number of pending sales in the region and in Lafayette Parish were at the lowest totals since February with totals down 30% in the region and 26% in Lafayette Parish. New listings are up 9.5% in the region and 13% in Lafayette Parish.
Active inventory, Bacque noted, remains down 40% year over year due to the flood of buyers on the market, but the number of month’s supply has been trending up in a number of price points in recent months.