Residential home prices rose in June compared to the same period of 2017, according to Maryland REALTORS. Average home prices rose by 2.9 percent for the fifth month in a row, while median prices increased by 4.0 percent as compared to the same time in 2017.
“Average and median residential home sale prices continued to trend up for a fifth month, while the months of available inventory remained steady compared to 2017,” said Maryland REALTORS President Boyd Campbell. “The continued lack of inventory and rising interest rates are starting to show signs of a slowing housing market,” added Campbell, “Consumers should seriously consider taking advantage of low interest rates as experts predict they will continue to rise. The cumulative effect of multiple increases in rates can significantly impact monthly payments, therefore reducing options of housing choice."
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