By JACK WEATHERLY
House sales in the 10-county Central Mississippi Multiple Listing System were down 4.5 percent in June from the previous year, primarily because of tight inventory, according to Central Mississippi Realtors.
Consequently, the average sales price increased 2.1 percent, creating a market that slightly favors sellers.
“Inventory remains extremely tight, but patience may pay off in coming months for those looking to buy,” said William E. Brown, president of the Central Mississippi Multiple Listing Service.
The year-over-year inventory for the 10-county area fell 6.3 percent. Total inventory for the core counties of Hinds, Madison and Rankin was 2,894 as of June, down 5.9 percent from a year earlier.
Still, pending sales in June, according to the service, were up 5.7 percent for Central Mississippi from a year earlier.
Nationwide, the inventory is at its lowest point in 20 years, according to a Realtor.com study. Fifty-nine percent of owners are not planning to sell in the next 12 months, the study states. Thirty-five percent expect to sell and 6 percent are unsure, the study says.
Millenials, those in young adulthood, are the most likely to sell. Sixty percent of those looking to sell are millenials, either to buy a larger home or one with nicer features.
Eighty-five percent of baby boomers, born between 1946 and 1964, are not planning to sell within the next 12 months.
About 90 percent of the house market is composed of previously owned residences.
Rankin County has led Central Mississippi in closed sales for three consecutive months, reaching 1,087 in June, up 7.1 percent from a year earlier. Hinds, the state’s most populous county, trailed with 898 sales, up 3.9 percent and Madison at 779, down 1.3 percent.
Madison led the three counties in terms of median sales price, $223,250, followed by Rankin, $171.900, and Hinds $127,000.
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