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FOR IMMEDIATE RELEASE
Nita Martin
601-948-1332 ext. 12
06/24/16
May 2016 Residential Real Estate Market Report
The Spring Market Has Not Disappointed
Jackson, MS
(June 24, 2016) Quick sales, multiple offers and bidding wars, oh my! It's an exciting time for home buying and selling in Central Mississippi. Pent-up Sellers appear to be convinced that it's a great time to sell, as we saw New Listings in our area increase by 4.8 percent to 867 in May. At the same time, conditions are seemingly still good enough for serious buyers to take advantage of fairly stable prices and a sustained period of particularly low mortgage rates. According to Freddie Mac, the average commitment rate for a 30-year, conventional, fixed-rate mortgage dropped to 3.60 percent in May, which is the lowest rate since May 2013 at 3.54 percent.
 In May, the Central Mississippi Multiple Listing Service reported 528 Closed Sales with an average of only 111 Days on Market. Pending Sales went up 0.4 percent while Inventory inched up a tad by only 1.0 percent to 3,212 units. Median Sales Prices modestly decreased by 0.3 percent to $169,500.
In the South, existing-home sales expanded 4.6 percent to an annual rate of 2.28 million in May and are now 6.5 percent higher than they were in May 2015. The Median Sales Price in the South was also up 5.9 percent to $211,500.
Nationally, existing-home sales sprang forward 1.8 percent with total sales at 5.53 million, which is the highest pace in almost a decade (57.9 million in February 2007). The median existing-home price for all housing types in May was $239,700, up 4.7 percent from May 2015 ($228,900). This marks 51 straight months of gains year-over-year.
Repeat buyers using the proceeds from the sale of their previous home as their down payment are the majority of buyers at this time. The National Association of Realtors® reports that the share of first-time buyers is down to only 30 percent, all-cash sales were 22 percent and investors were only 13 percent of total sales. The national average number of Days on Market was 32 days in May, down from 39 days in April.
NAR Existing-Homes Sales: May 2016
Here's a YTD snapshot of Hinds, Madison & Rankin Counties:
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County
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New Listings YTD
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Closed Sales YTD
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Median Sales Prices YTD
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Inventory
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Months Supply
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Hinds
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1361
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677
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$117,000
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1,262
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9.2
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Madison
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1003
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601
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$227,000
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836
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6.6
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Rankin
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1208
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801
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$167,000
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778
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4.8
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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.
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