Residential housing prices jumped in July compared to the same period in 2018, according to housing statistics released by Maryland Realtors. Average home prices rose by 6.2 percent while the median price increased by 8.0 percent as compared to the same time in 2018. Northern Virginia home prices were up about 5 percent for the same time period.
“The average sales prices jumped from $281,567 to $299,098 while median jumped from $250,000 to $270,00 in July compared to the same time in 2018,” said President Merry Tobin. “Pending Units (units under contract) also saw a jump from 9,927 units in 2018 to 11,291 units this year. These gains are impressive; however, they may have a long-term negative impact on housing affordability. This may be why most of the increased activity was in markets where prices are below the statewide averages. Buyers may be motivated by a strong economy, low interest rates, and sense of urgency.”
“While sales and units saw considerable increases, months of inventory dropped from 4.3 months of active inventory to just 3.6 months”, continued Tobin. A 6-month to 6.5-month supply is considered a balanced market.
Baltimore City units sold saw less of a drop being only down by 5.5% over 2018. The city is still feeling the consequences of the spring ransomware attack.
The Average Sale Price compared to Original List Price for July increased slightly from 97.4 percent to 97.5 percent in 2019.
Maryland monthly housing statistics are compiled by data as reported by Bright MLS. For the purposes of this report, “units” are defined as the closed sales and “pending units” are properties under contract. Months of inventory are based on the current active inventory and monthly sales for the corresponding month.
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