Maryland home sales cooled for the 14th straight month in November amid a gigantic supply of listings, as annual price growth gained slightly, according to statistics provided by the Maryland Association of Realtors.
There were 5,278 sales of new and existing single-family homes and condos last month, down 19.4 percent from a year earlier when 7,107 units were sold.
The overall median sales price for single-family homes and condos was $307,654 in November, mostly unchanged from the previous two months, but up 1.6 percent from $302,822 a year ago.
Among the areas reporting the steepest declines in sales compared to a year ago were: Prince George’s County, down 24.1 percent to 934 sales; Montgomery County, down 20.9 percent to 905; and Baltimore (city), down 13.4 percent to 707.
Although the inventory of for-sale listings continues to dwindle each month, there were still 38,187 active listings on the market at the end of November, up 49 percent from the same time last year, MAR reported. At the end of October there were 40,531 homes on the market, which, along with fewer pending sales in November, suggests more property owners are dissuaded by the inventory surplus and are postponing plans to sell as winter approaches.