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

December 3, 2013

Banking & Finance, Small Business

JACKSON, 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.

Minus short-sales and bank-owned-real-estate transactions, Mississippi's average home prices climbed 6 percent from October 2012 to this October.

Minus short-sales and real-estate-owned transactions, Mississippi’s average home price climbed 6 percent from October 2012 to this October.

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 percent for the 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,  home prices increased by 11 percent in October 2013 compared to October 2012, excluding distressed sales. Distressed sales include short sales and real-estate owned (REO) transactions.

 

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