Residential home prices climbed in May compared to the same period in 2018, according to housing statistics released by Maryland REALTORS®. Average home prices rose by 4.1 percent while the median price increased by 4.2 percent as compared to the same time in 2018.
"The units pending (units under contract) jumped to 10,108 from 8,571 in 2018, while active inventory decreased from 3.5 months in 2018 to at 3.1 months in 2019", continued Tobin. A 6 month to 6.5-month supply is considered to be a balanced market.
Of note, units sold experienced a drop of 1.8 percent due in large part to the drop in settled sales in Baltimore City as a result of the widely-reported ransomware attack.
"The average and median housing sale prices both climbed at reasonable rates in May", said Maryland REALTORS® President Merry Tobin.
The May statewide average sales price was $367,018 compared to $352,569 in 2018, while median sales price increased to $312,500 from $300,000. Added Tobin, "This jump of 4.1 percent and 4.2 percent, respectively, is robust and may, in the long term, have a negative impact on housing affordability."
The Average Sale Price compared to Original List Price for May decreased slightly from 97.9 percent to 97.8 percent in 2019.