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The temperatures may still be in the teens but the housing market continues to heat up. The Maryland Association of Realtors just released their housing numbers for January. It found home sales are on the rise taking home prices with them.
Overall home sales rose 1 percent in Maryland. Calvert County saw a larger increase at 5.7%. Prince George’s County saw one of the larger increases with home sales up 14.6% from last year. Talbot, Kent, Garrett and Caroline Counties saw the largest increases. Anne Arundel County saw a loss of 8 percent.
Home rises were also on the rise. In Calvert County, the average price of a home rose from $271,771 to $288,782. “January is traditionally a slow month for residential sales, and we are encouraged by an increase in activity” MAR President Russ Boyce went on to say “We expect a strong spring selling season.”
The principal economist for the Federal Housing Finance Agency, Andrew Leventis points to the more modest increase in the housing prices in the fourth quarter “ It’s too early to know whether the lower quarterly growth rate represents the beginning of normalize price appreciation patterns or a more significant slowdown.”
Despite the price increases over the past year, buying a home is still cheaper than renting national. According to Trulia, it is 31 percent cheaper to buy than rent in Washington Metro area. The real estate company looked at the rental prices, home prices, tax breaks, monthly costs of owning and renting a home to come up with their numbers.
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