The St. Tammany Economic Development Foundation (STEDF) has released its annual summary of local economic data for the past decade. According to the data presented, both single family building permits and housing sales have risen steadily since 2010.
“Hurricane Katrina changed the market,” said Brenda Bertus, CEO of STEDF. “Housing sales rose dramatically in the wake of the storm until 2007, when sales and construction both dropped significantly. It now appears that St. Tammany’s housing market is stabilizing.”
The number of issued single family building permits rose 78 percent from 2009 to 2013. The number of homes sold rose 44 percent over the same period.
The average price of homes sold rose to $225,540 in 2013, having fallen steadily since its last peak at $248,682 in 2007.
The St. Tammany Parish 10-Year Economic Summary reports changes in economic factors. The latest report covers trends between 2003 and 2013. Factors include population growth, parish employment, apartment rent and sales tax collections.
For the full report, visit the STEDF website.