Baltimore Region Housing Report: More Sales, Lower Prices

According to a recently released report, in September the Baltimore region housing market saw an increase in home sales but a decrease in median sales price. As reported in The Baltimore Sun:

Buyers closed on 2,964 homes across the region last month, up nearly 18 percent from 2,514 in September 2014, according to the analysis from RealEstate Business Intelligence, the research arm of the Metropolitan Regional Information Systems, the region’s multiple listing service. But the median sales price fell to $235,000 in September, down $9,700 from a year earlier.

Real estate agents were divided on what, if anything, the dip in home prices meant, but they agreed it didn’t seem to be a sign that the region’s housing market was at the beginning of a downturn. Other indicators of the Baltimore area housing market’s health have been relatively strong all year.

The biggest drop in median sales price came in Harford County, down 8.1 percent to $225,000 in September from $244,950 a year earlier. Prices also dropped 7 percent year-over-year in Baltimore County to $199,950 and 6.7 percent in Anne Arundel to $289,900.

Prices were down 3.6 percent to $265,000 in Carroll County and 3 percent in Baltimore city to $112,000. Prices remained flat in Howard County at $370,000.

The report also found that inventory dipped slightly, 0.8 percent, across the region in September. It was the first time inventory had fallen year-over-year in two years, the authors noted, despite a 5.5 percent increase in new listings.

For more information read the full article in The Baltimore Sun.