Industry News

Maryland real estate feels impact from inventory

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Maryland home sales dropped for the 13th straight month in October amid a massive supply of inventory, as home prices posted slight year-over-year growth, according to statistics provided by the Maryland Association of Realtors. Realtors reported 6,076 sales last month, down 26.1 percent from October 2005 when 8,217 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 $307,135 in October, mostly unchanged from September, but up 3.2 percent from the year-ago median of $297,682. Among the areas reporting the steepest declines in sales compared to a year ago were: Anne Arundel, down 28.5 percent; Baltimore (city), down 26.7 percent; Montgomery County, down 26.2 percent; and Prince George's County, down 24.2 percent. Active inventory at the end of October totaled 40,531 units, down slightly from 41,405 units at the end of September, but up 63.5 percent from 24,795 units a year ago....