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Coast home prices reach three-year high

MISSISSIPPI GULF COAST — The average sales price of a home in South Mississippi in June reached its highest level in three years, a sign that the Coast real estate market is following the national trend upward.

According to the Mississippi Gulf Coast Multiple Listing Service, homes and condos sold on average for $134,721 in June. That was up $8,000 from May and almost $11,000 from a year ago. The last time

South Mississippi saw that price in July 2010.

Kathy Elias, a real estate agent with Coldwell Banker Alfonso Realty in Gulfport, tells The Sun Herald people who bought a condominium in South Mississippi for $650,000 after Hurricane Katrina can’t sell it today for $200,000, and only a few lenders will finance a condo purchase.

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