Industry News

Inventory growth puts brakes on Maryland home sales

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Maryland home sales tumbled for the 12th straight month in September as inventory continued to climb and price growth remained modest, according to statistics provided by the Maryland Association of Realtors. Realtors reported 6,333 sales last month, down 29 percent from September 2005 when 8,924 homes were sold. Statistics include new and existing single-family homes, condos and townhomes. The overall median price for single-family homes and condos was $307,307 in September, down from $317,738 in August, but up 3.1 percent from the year-ago median of $297,881. Among the areas reporting the steepest declines in sales compared to a year ago were: Washington County, down 41.6 percent; Worcester County, down 33.2 percent; Baltimore (city), down 30.9 percent; and Montgomery County, down 29.6 percent. Active inventory at the end of September totaled 41,405 units, up from 40,311 units at the end of August, and up 80.7 percent from 22,909 units a year ago....