ShareWVUE-TV (New Orleans, La.)
The New Orleans Metropolitan Association of REALTORS® (NOMAR) hosted its annual Forecast Symposium, where real estate professionals gathered to discuss key factors impacting the housing market.
A major theme this year was Louisiana’s ongoing insurance crisis, which is severely affecting home sales and affordability.
Craig Mirambell, president of NOMAR, says soaring insurance premiums have become a central issue.
“Insurance prices are really outrageous, interest rates being high, the economy is slow, elections are coming up. We got a lot of negatives, but the good thing is homeowners have kept the equity in their houses,” said Mirambell.
Dr. Jessica Lautz was a featured speaker at this year’s symposium. She is an economist for the National Association of REALTORS®. She brought a broader view to the forecasting conference and said Louisiana’s real estate industry is facing several headwinds, including declining population.
“In most areas of the Sun Belt, we see a mass migration into those areas, but unfortunately Louisiana is not seeing that. So, we don’t have that in the New Orleans area. Job growth has not rebounded since before the start of COVID and that could be restricting people from moving here. Though what I have to say affordability is definitely in a better in a better scenario than what we see in other areas of the country," said Dr. Lautz.