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Distress sales continue to drag down state’s average home sale price tag

home-sales-statistics-mred-national-association-realtors-mls-existing-home-sales-reo-salesJACKSON, Mississippi — Mississippi’s October home prices climbed only 1.9 percent over October 2012. But once distressed sales are removed from the calculation, the state’s average home price climbs by 6 percent over the previous October, says CoreLogic, a California-based residential property information, analytics and services provider.

CoreLogic’s statewide totals that include short-sales and foreclosure sales are slightly more favorable than totals for the nine-county metro area included in a survey for October by the Jackson Association of Realtors. The association’s metro survey showed an average sale price drop of 1 percent from the October periods, going from $159,314 to $157,751.

The year-to-date average sale price climbed by 2.4 for the association’s survey counties of Hinds, Madison, Rankin, Simpson, Scott, Leake, Yazoo, Copiah and Attala, the association says. The survey found a year-to-date increase of 4.8 percent for Hinds, Madison and Rankin counties.

Nationally, according to the CoreLogic survey, On a year-over-year basis, excluding distressed sales, home prices increased by 11 percent in October 2013 compared to October 2012. Distressed sales include short sales and real-estate owned (REO) transactions.

— Ted Carter, MBJ


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