Regional Spotlight: Average South Mississippi House Passes $180,000

RISMEDIA, Sept. 25, 2007-(MCT)-The average sales price for a home in South Mississippi has risen above $180,000 for the first time since the month following Hurricane Katrina.

The Mississippi Gulf Coast Multiple Listing Service released home sales data for South Mississippi on Friday. The average home’s sale price was $180,748 in August, an increase of about $2,000 from the previous month and $15,000 from the previous year. The yearly increase was 11%, compared to a nearly flat change in national sales prices.

Prices spiked from about $149,000 to $184,000 in September 2005 after the storm destroyed about 65,000 homes in Mississippi. Prices dropped back below $170,000 the following month and for the last year prices have fluctuated between $162,000 and $172,000 until a July high of $178,000.

The number of new listings entering the market in August was 846, the highest since October 2005. Listings were up from 732 in July and 727 the previous year.

The number of homes sold in August is up slightly from the previous month, but down significantly for the year. The 315 homes sold was up from 310 the previous month. The number is down from the previous August, when 429 homes were sold.

Year-to-date, 2,789 homes have been sold, compared to 3,814 in the same period last year.