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.
BEFORE YOU GO…
… we’d like to ask for your support. More people are reading the Mississippi Business Journal than ever before, but advertising revenues for all conventional media are falling fast. Unlike many, we do not use a pay wall, because we want to continue providing Mississippi’s most comprehensive business news each and every day. But that takes time, money and hard work. We do it because it is important to us … and equally important to you, if you value the flow of trustworthy news and information which have always kept America strong and free for more than 200 years.
If those who read our content will help fund it, we can continue to bring you the very best in news and information. Please consider joining us as a valued member, or if you prefer, make a one-time contribution.Click for more info