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Sellers have advantage in Jackson area housing market

By JACK WEATHERLY

It’s a seller’s market for houses in the Jackson area.

The median price for a house in the three-county heart of the Jackson metro area is up 2 percent in the 12-month period ending in April, according to the Central Mississippi Realtors Association.

CoreLogic of Irvine, Calif., reports similarly that in what it calls a core based statistical area including Jackson, similar to a metropolitan statistical area, the average price of a house is up 1.3 percent in that period.

Also, CoreLogic reports that the average price of a home sold in the Hattiesburg area is up 4.1 percent, while the price of a home sold in the Gulfport-Biloxi-Pascagoula area is up 2.7 percent.

Central Mississippi Realtors Association President Megan Hall said that CoreLogic is getting its numbers from tax records, whereas the association gets it from “sold data.”

Hall says two things are driving prices upward.

One is a lean inventory and the other is the fact that mortgage rates are still near historical lows ranging from 4 percent to 4.5 percent for a 30-year, fixed mortgage, Hall said.

The average supply was 6.7 months, meaning that if no houses were put on the market, it would take that long for the supply to be exhausted, Hall explained.

That is down from 7.4 months a year earlier.

“That shows we have an increasingly healthy market,” Hall said.

The median sales price for the 12-month period ending in April was $188,697, up 5.4 percent from the prior year.

Also, the percentage of list price received is 96 percent, up .4 of a per-centage point from a year earlier.

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