Residential housing prices continued to climb in June compared to the same period in 2018, according to housing statistics released by Maryland REALTORS®. Average house prices rose by 4 percent while the median price increased by 3.1 percent as compared to the same time in 2018.
“The units pending (units under contract) jumped to 9,262 from 8,047 in 2018, while active inventory decreased from 3.6 months in 2018 to 3.1 months in 2019,” said Tobin.
A 6 month to 6.5-month supply is considered to be a balanced market.
Baltimore City is still feeling the effects of the widely-report ransomware attack with units sold down 12.5 percent from 2018.
“The average and median housing sale prices both continued to climb at reasonable rates in June”, continued Maryland REALTORS® President Merry Tobin.
The June statewide average sales price increased to $373,488 from $359,279 in 2018, while median sales price jumped from $306,450 to $316,000.
Added Tobin, “These gains of 4.0 percent and 3.1 percent, respectively, are robust and may, in the long term, have a negative impact on housing affordability.”
The Average Sale Price compared to Original List Price for June increased slightly from 97.8 percent to 97.9 percent in 2019.