New home sales are on the rise but the existing home sales are keeping up. According to the National Association of Realtors (NAR) total existing home sales reported a seasonally adjusted annual rate of 5.42 million.

The NAR reported that on a year-over-year basis, existing home sales were 0.6% up than a year ago which included single-family homes, townhomes, condominiums and co-ops. This is the first year-over-year gain in almost a year and a half.

Homes stayed on the market 29 days in July 2019 with 51% of homes on the market selling in less than a month. All-cash sales composed 19% of transactions up from June 2019. Median sale price of existing homes in July was up 4.3% from a year ago at $280,000 and existing condominium/co-op prices were up 2.5% with a median price of $254,300.

Sales by regions saw an increase, except for the Northeast and West, for existing homes sales in July 2019. Existing home sales in the Midwest grew 0.8% and in the South existing homes rose to 2.7%.

NAR has encouraged the market to add more inventory which is a good sign. The falling mortgage rates, July 2019 at 3.77%, and lower home prices are a big plus.

“We are optimistic that the latter part of this year and the early months of 2020, at least, will see a significant upturn in sales. That, in turn, will boost construction activity in due course,” wrote Ian Shepherdson, founder and chief economist of Pantheon Macroeconomics, in a research note.

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Most Americans are affected by interest rates whether through a mortgage or credit cards. July 2019, marked the first time the Federal Reserve lowered interest rates since the crash in 2008. Pressured by President Trump and the possibility of an economic downturn, policymakers voted 8-2 for the small cut in federal rates.

“Should trade negotiations turn positive and economic data, especially inflation, firm in coming months, July’s move could be a one-and-done easing,” said nationwide senior economist Ben Ayers in a note. “Still, given the slowing trajectory for the economy and precedence from previous mid-expansion easing cycles, a further rate cut (or two) by year-end may occur.”

Investors are eager to see the out turn of the rate cut and are hoping for more rate cuts in the near future. They are watching for any clues that there will be a future rate cut. Wall Street has already been pricing another rate cut for the year end.

The economy is strong as seen in job gains and retail and economic growth on the rise. If there is another cut, the Federal Reserve will need to justify their decision.

Policymakers vocalized that they will “continue to monitor” any data which would have an effect on the US economy and “act as appropriate” to retain “the country’s longest economic expansion in history.” The central bank believes these steps are necessary to keep America’s economy strong.

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Annual event that takes place on the shore of Bayou Bonfouca in Slidell.

St. Tammany Crab Festival

When: September 20, 2019
5pm -11:30pm

Where: Heritage Park
1701 Bayou Lane
Slidell, LA 70458

What:

Music Line Up:
Adam Pearce
Green Gasoline
Asleep In The Wake
Drowning Pool
Lit

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Scrap Dat! is a three day event held in Mandeville.

When: September 19 – 21, 2019
8am – 11pm

Where: Castine Center, Pelican Park
63350 Pelican Blvd
Mandeville, LA 70448

What: Free Event.
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This fun event will have tons of tacos in Mandeville.

When: September 19, 2019
6pm – 9pm

Where: Benedict’s Plantation
1144 N. Causeway Blvd.
Mandeville, LA 70448

What: $35 per person, $500 sponsor table of 8 (Must be 21+)
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The Honey Island Swamp Fest takes place at the Town Hall in Pearl River.

When: September 14, 2019
11am – 11pm

Where: KBR Lake
39576 Pump Slough Rd
Pearl River, LA 70452

What: Free Event.
Line Up:
The Crowe Brothers
The 2nd Hand Blues Band
The Huey P’s
Eli Seals
Voodoo Gumbo
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Come laugh in Covington at the Firehouse Event Center.

Comedy Night

When: September 14, 2019
8pm – 9:30pm

Where: Slidell Municipal Auditorium
2056 2nd St
Slidell, LA 70458

What: Tickets  are $15 in advance, $20 at the door.

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This event remembers first responders and military heroes in Slidell.

Patriot Day Ceremony and Concert

When: September 11, 2019
5pm – 6:30pm

Where: Slidell Municipal Auditorium
2056 2nd St
Slidell, LA 70458

What: Free event.

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Great food, live music, and vendors in Slidell.


Louisiana Food Truck Festival

When: September 28, 2019
11:00 AM to 4:00 PM

Where:Northshore Harbor Center
100 Harbor Center Blvd.
Slidell, LA 70460

What: This event is free!
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