NEW ORLEANS -- The price to own and rent a home in New Orleans has been rising for years, but that trend is changing.
From his front porch in Mid-City, Thomas Ecker has been watching home prices climb since Hurricane Katrina.
"I've seen an insane leap in the pricing here," Ecker said. "I don't understand why a single shotgun house is $300,000. You're buying, if you want to put your math together, $60,000 a room."
But the cost of real estate in New Orleans is starting to level off.
Real Estate Appraiser Wade Ragas said sales typically slow during a presidential election year, but this year's slowdown in the oil and gas industry and the capping of the film tax credit have caused jobs to move elsewhere.
"We've only been up for a few years -- we're due to flatten out and go down a little," Ragas said. "That's a little oversupply condition and that will put downward pressure on price, downward pressure on rents and things will stay on the market a little bit longer in some of the neighborhoods."
High priced properties in areas that were hot like Uptown, the Marigny and the Warehouse District are going to see price drops, some of them significant.
"Wherever they started moving above $250 or $300 a foot, for a typical multi-family rental property, you're going to have some buyer resistance now."
Ragas didn't go so far as to say homes are depreciating, only that the rate of appreciation has slowed.
Ecker said the slowdown needed to happen.
"Maybe the vacuum created will allow residents to move back into the city and afford the housing and newly created infrastructure that comes along with it because so many New Orleanians have been priced out of the neighborhoods they love," Ecker said.
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