FOR IMMEDIATE RELEASE
Nita Martin
601-948-1332 ext. 12 
07/25/16
 
June 2016 Residential Real Estate Market Report 
The Spring Real Estate Market Has Not Disappointed

Jackson, MS (July 25, 2016) --- An impressive six-month streak of sales gains through June caps off a solid first half of 2016 for the Central Mississippi housing market. 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. (CMMLS) reported 4,339 New Listings YTD, reflecting a 3.9 percent increase year-over-year. Closed Sales were up 7.0 percent to 2,643 units and Median Sales Prices inched up a tad by 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 for all housing types 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!  
 
Sales to first-time buyers are undoubtedly attributed to this year's descent in mortgage rates. Although Its unclear if the current sales pace can further accelerate as record high stock prices, near record low mortgage rates and solid job gains face off against an imbalance of supply and demand in many areas.
 
NAR's Existing-Homes Sales: June 2016 
 
  Here's a YTD snapshot of Hinds, Madison & Rankin Counties:  
County
New Listings YTD 
Closed Sales YTD  
Median Sales Prices YTD
Inventory   
Months Supply   
Hinds
1,638
855
$120,000
1,238
9.0   
Madison
1,221
783
$228,750
841  
6.8
Rankin
1,480 
1,005
$168,000
809   
5.1 

For more statistics throughout the Jackson Metro Area and Central Mississippi, view the CMMLS June 2016 Market Heartbeat here.  Read  NAR's June 2016 statistics here.   

About Central Mississippi MLS, Inc.
Central Mississippi MLS Inc. and Central Mississippi REALTORS ® are
"The Voice for Real Estate in Central Mississippi"  and represent the largest real estate association in the state of Mississippi serving more than 1,700 licensed real estate professionals across ten counties of Central Mississippi (Hinds, Madison, Rankin, Yazoo, Holmes, Attala, Leake, Scott, Simpson and Copiah). To learn more about CMMLS, visit centralmsrealtors.org or call 601.948.1332.  
 
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