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More homes sold and listed on the Coast

A sign proclaims a house for sale in Gulfport on Tuesday, Feb. 26, 2013. More homes were sold and listed on the Coast in October and buyers and sellers watch the possible increase in interest rates.
A sign proclaims a house for sale in Gulfport on Tuesday, Feb. 26, 2013. More homes were sold and listed on the Coast in October and buyers and sellers watch the possible increase in interest rates. amccoy@sunherald.com

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.

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.

Home sales

For counties in South Mississippi

Real Estate

Oct. 2016

Oct. 2015

Oct. 2014

Houses sold

396

328

308

Average price

$144,019

$145,023

$132,515

New listings

629

534

594

Source: Mississippi Gulf Coast Multiple Listing Service

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