Residential housing prices made gains in August compared to the same period in 2018, according to housing statistics released by Maryland REALTORS®. Average home prices rose by 2.7 percent while the median price increased by 3.3 percent as compared to the same time in 2018.
"The average sales prices increased from $352,458 to $361,901 while median increased from $300,000 to $310,00 in August compared to the same time in 2018," said President Merry Tobin. "Pending Units (units under contract) saw a healthy increase from 7,079 units in 2018 to 8,476 units this year. These gains are respectable; however, we are still concerned about the potential long-term negative impact on housing affordability."
"While sales and units saw respectable increases, months of inventory dropped slightly from 3.7 months of active inventory to just 3.0 months," continued Tobin. A 6 month to 6.5 month supply is considered a balanced market.
Baltimore City units sold saw a significant drop being down by 10.3% over 2018. The spring ransomware attack is still impacting city housing sales.
The Average Sale Price compared to Original List Price for August increased modestly from 97.0 percent to 97.1 percent in 2019.
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