Home prices con­tinue to rise in re­gion as in­ven­tory shrinks

Baltimore Sun - - NATION & WORLD - By Mered­ith Cohn mered­ith.cohn@balt­sun.com twit­ter.com/mer­cohn

Bal­ti­more-area homes sale prices were up again in May, with the stock of homes for sale con­tin­u­ing to de­cline, ac­cord­ing to data pro­vided by Mar­ketS­tats by Show­ingTime based on list­ing ac­tiv­ity from Bright MLS, the re­gion’s mul­ti­ple list­ing ser­vice.

It was the 33rd con­sec­u­tive month of de­clin­ing year-over-year in­ven­tory in homes for sale. But the in­ven­tory drop ap­pears to be slow­ing, as April was the first month in nearly two years that the de­cline was be­low 10 per­cent. There were 9,822 ac­tive list­ings at the end of May, 6.4 per­cent fewer than a year ear­lier.

The­me­di­ansale price for the re­gion rose to $275,000, up $1,375 from last year and $7,100 — 2.7 per­cent — from last month. It was the high­est May price of the decade.

Sales vol­ume and new con­tract ac­tiv­ity were both down a bit from last year. the sales of 3,850 homes closed last month, down 2.9 per­cent com­pared with May 2017, but up 15 per­cent from April.

At 15 days, the me­dian num­ber of days homes spent on the mar­ket was down four days from last year and three days from last month. Bal­ti­more City has the long­est stretch on the mar­ket at a me­dian of 25 days, while Howard County had the short­est time for sale at 8 days.

Howard County continues to have the high­est av­er­age sale price at $420,000, though it was down2.9 per­cent from last year. An­neArun­del had the sec­ond high­est av­er­age sale price at $342,250, ba­si­cally flat com­pared with last year. Car­roll was third in av­er­age price at $312,500, down slightly from last year.

Newspapers in English

Newspapers from USA

© PressReader. All rights reserved.