Baltimore-area home prices rose 6.5% in Feb. from last year

Baltimore-area home prices rose 6.5 percent in February from the same month a year ago, reflecting growing sales volume amid reduced inventory, according to a new housing report.

February’s median home price was $245,000, up $15,000 from a year ago and the highest level in a decade, according to the report from ShowingTime, which is based on listing activity from MRIS, a division of the multiple listing service Bright MLS.

The figures are also up 2.5 percent from January, or by $6,000.

The number of closed sales continued to grow in February, sustaining a years-long trend. The 2,252 closings were up 1.9 percent from a year ago and the month before.

ShowingTime reported that 3,991 new homes were listed for sale in February, a 16 percent rebound from January but not enough to stem a 30-month run of declining inventory. Active listing slipped 12.7 percent to 7,794.

The number of homes on the market is now at about two-thirds of the 10-year average.

With fewer homes available, homeowners are getting close to their original asking prices. They got 95.2 percent of their original list prices on average, up from 94.3 percent last year. That marked the highest February level of the past decade.

The median number of days on the market was also the lowest of the decade, dropping to 41 days, down 15 days compared to last year, though it was up three days from January.

Median home prices in all jurisdictions in the region rose in February compared with last year.

Howard County remains the priciest jurisdiction in the state, with median prices up 1.3 percent from a year ago to $382,500.

Baltimore City remained the most affordable jurisdiction, though median prices jumped 10.7 percent from a year ago to $108.575.