Industry News

Maryland home sales drop 25%

Prices up despite massive inventory gains

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Maryland home sales declined for the 11th straight month in August, as the state's median home price maintained modest growth, the Maryland Association of Realtors reported. Realtors reported 7,694 sales last month, down 25.2 percent from a year earlier when 10,284 sales were recorded. Statistics include new and existing single-family homes, condos and townhomes. The overall median price for single-family homes and condos registered $317,738 in August, up from $316,697 in July, and up 4.9 percent from the year-earlier median of $302,829. Among the areas reporting the steepest declines in sales compared to a year ago were: Queen Anne's County, down 53 percent; Baltimore, down 30.7 percent; Montgomery County, down 26.6 percent; and Prince George's County, down 19.7 percent. Active inventory at the end of August totaled 40,311 units, up 97 percent from 20,499 units a year ago. At the end of July there were 39,694 units listed on the market, according to statistics....