More people are buying homes and listing their homes for sale in South Mississippi, as the real estate industry eyes a possible rise in interest rates next year.
The October report from the Mississippi Gulf Coast Multiple Listing Service shows a spike in the number of homes sold, jumping by 68 from October 2015.
It also shows the average price dropped by $1,000 from a year ago, but remains substantially higher than two years ago.
Nearly 100 more new listings came onto the Coast market in October than a year ago, giving buyers more choices.
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The possibility of an increase in home interest rates next year could prompt more people to buy and sell their homes now. Kiplinger financial website says The Federal Reserve is still on track to raise short-term interest rates a quarter of a percentage point on Dec. 14 following wage growth and decent employment reports over the past months.
For counties in South Mississippi
Source: Mississippi Gulf Coast Multiple Listing Service