Statistics for Maryland housing were release for July
Annapolis, MD, (August 10, 2018) -
Residential home prices rose in July compared to the same period of 2017, according to Maryland REALTORS. Average home prices rose by 2.3 percent for the sixth month in a row, while median prices experienced a slight drop as compared to the same time in 2017 down 1.4 percent.
"Average residential home sale prices have risen for the sixth month in a row," said Maryland REALTORS President Boyd Campbell. "We also saw an increase in units sold compared to 2017, while active inventory continues to trend down, off another 12.5 percent compared to the same time last year," added Campbell.
"In addition, steadily rising prices are squeezing first-time borrowers, some of whom are dipping into retirement accounts to finance a home purchase. Move up buyers are also feeling the impact of rising interest rates and some are deciding to stay put that could further fuel the shortage of entry-level homes."
If you are considering selling a property now would be the ideal time. Feel free to contact me if you have any real estate questions or considering selling or purchasing a property soon.