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Today, in our ongoing series about local real estate markets, we’ll take a look at home sales and trends in the Louisiana real estate market.
In New Orleans, where Katrina-related rebuilding funds are coming to an end. WWL reports:
A recent report by the Greater New Orleans Community Data Center says Southeast Louisiana’s economy will soon return to its dependency on traditional industries, such as tourism, oil and shipping as the influx of Hurricane Katrina rebuilding money winds down. Dr. Ivan Miestchovich, Director of the Institute for Economic Development and Real Estate Research at the University of New Orleans, says between 70 and 80 billion dollars have flowed into the area since Katrina for rebuilding homes and businesses, bond financing, levee and infrastructure improvements. “We’ve had lots of money that came in from the outside that has been supporting lots of enterprises in the private, non-profit and public sector,” says Miestchovich. “While some of those projects will continue for the next several years, that pot of money will eventually run out.”
Home sales and prices were up in Lafayette in March, The Republic reports:
Home sales in March set a record for the month, and sales for the first quarter of the year are running more than 30 percent higher than the same period a year ago, according to data gathered by local real estate firms. The Advocate reports that home prices also are rising, with the media sale price climbing from $164,600 in the first quarter of 2012 to $173,950 in the first three months of 2013.