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Housing market in Central Mississippi having solid 2016

A six-month streak of sales gains through June capped off a solid first half of 2016 for the 10-county Central Mississippi housing market, according to a news release from Central Mississippi MLS.

The average gain for the first six months was 11.83 percent, kick-started by a 15.6 percent increase in January. Closed sales in Rankin County appear to be the most notable with an average gain of 20 percent over the last six months. June’s sales increase was boosted by a greater share of first-time buyers at 33 percent, which is the highest it’s been since July 2012 when it was 34 percent.

In June, new listings, closed sales and median sales prices were up for the tri-county area of Hinds, Madison and Rankin. The Central Mississippi Multiple Listing Service, Inc. reported 4,339 new listings year-to-date, reflecting a 3.9 percent increase year-over-year. Closed sales were up 7 percent to 2,643 units, and median sales prices inched up 1.2 percent to $170,000.

In the South, existing-home sales in June remained unchanged from May at an annual rate of 2.26 million and are 3.2 percent above June 2015. The median price for homes in the South was $217,400 up by 5.5 percent from this time last year.

According to the National Association of Realtors, median existing home prices was $247,000, up by 4.8 percent from June 2015. June’s price increases mark the 52nd consecutive month of year over year gains.


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