Despite continued increases in average and median home prices, the number of homes sold in February was lower than the comparable period in 2017, according to Maryland REALTORS®. Average home prices rose by 1.5 percent for the second month in a row, while median prices increased by 6.6 percent as compared to the same time in 2017.
“The active inventory across the state continues to be below what is considered a normal level”, said Maryland REALTORS® President Boyd Campbell. “Steady increases of mortgage interest rates could potentially impact market activity, but it is currently a
wait-and-see situation.” Campbell noted, “Historically, increases in interest rates have fueled market activity.”
Reported by the MRIS and Coastal Association of REALTORS®.
NOTE: UNITS ARE THE “UNITS” SOLD, PENDING ARE UNDER CONTRACT.
*Months of inventory based on current active inventory and monthly sales for the corresponding month; Data are revised on a regular basis. Readers of these reports should note that older reports have not been adjusted to reflect these revised data. This report, however, contains the latest reliable data to date.
*Maryland REALTORS® publishes the full Maryland Housing Statistics monthly on their website www.mdrealtor.org.