 |
FOR IMMEDIATE RELEASE
Nita Martin
601-948-1332 ext. 12
05/21/16
April 2016
Residential Real Estate Market Report
Closed Sales Increase by 16.8 Percent in Central Mississippi
Jackson, MS
(May 21, 2016) Although housing inventory remains low, existing-home sales in the Central Mississippi MLS have increased for the third consecutive month, according to the latest CMMLS Market Heartbeat. April's sales increases are a signal of the building momentum of the housing market this spring. As predicted, the prevalent trends of the past year have continued into 2016 marked by a steady increase in prices and flat inventory levels.
In April, Closed Sales increased by 16.8 percent to 515. Sellers received 96 percent of the listing price in an average of 96 days. The Median Sales Price for homes in the Hinds, Madison & Rankin areas were $166,250, a 2 percent increase year-over-year.
Existing-home sales in the South declined 2.7 percent to an annual rate of 2.19 million in April, but are still 4.3 percent above April 2015. The median price in the South was $202,800, up 6.5 percent from a year ago.
Sales activity overall was at a healthy pace last month as very low mortgage rates below 4 percent encouraged more households to buy.
According to Freddie Mac, the average commitment rate for a 30-year, conventional, fixed-rate mortgage fell from 3.69 percent in March to 3.61 percent in April, which is the lowest since May 2013 (3.54 percent). The average commitment rate for all of 2015 was 3.85 percent.
The National Association of Realtors® reported the median home price in April was $232,500, up 6.3 percent from April 2015. This price increase marks the 50th consecutive month of year-over-year gains.
NAR Existing-Homes Sales: April 2016
Looking ahead, the market for entry-level and mid-priced homes will likely continue to be the most competitive heading into the summer months. NAR's Chief Economist, Lawrence Yun, speculates that some buyers will face difficulty securing affordably priced homes.
"The temporary relief from mortgage rates currently near three-year lows has helped preserve housing affordability this spring, but there's growing concern a number of buyers will be unable to find homes at affordable prices if wages don't rise and price growth doesn't slow," said Yun.
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
|
1,094 |
500 |
$112,000
|
1,243
|
9.0
|
|
Madison
|
765
|
453
|
$225,500
|
803
|
6.4
|
|
Rankin
|
908
|
609 |
$165,500
|
742
|
4.6
|
About Central Mississippi MLS, Inc.
Central Mississippi MLS Inc. and Central Mississippi REALTORS
® represent the largest real estate association in the state of Mississippi serving more than 1500 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 us at 601.948.1332.
####
|
|
|
|
|
|
