A Steep Drop in New Housing Listings Continues to Point to
a Market Cool down in Maryland’s September 2022 Housing Statistics
ANNAPOLIS, MD—October 12, 2022—Maryland’s September home sales experienced a 28.6% drop in units sold, according to the latest Maryland REALTORS® Housing Statistics Report. While still a seller’s market with average home sale prices rising 4.8% to $449,125 against the 2021 figure of $428,619, and median home sale prices rising 4.3% to $386,000, other signs, like median days on market, which jumped to 11 days in September, still point to a market cool down.
According to Yolanda Muckle, 2023 President, Maryland REALTORS®, mortgage rates have played a significant role in this slowing. “Even though mortgage interest rates have dropped slightly this past week, the rate itself is significantly higher than it was a year ago,” explained Muckle, “and while prices continue to rise, with each passing month the rate of price increases drops further.” For example, in June 2022, the average sales price rose 10.1% from June 2021.
Other signs from the housing report that suggest a cool down include a 26.5% drop in pending sales (houses under contract) and a 22.1 percent drop in new listings, when compared to last year.
Added Muckle, “This is a market in transition. Inventory that takes longer to move, prices that are rising though not as quickly as before, and mortgage rates—despite this slight dip—that are likely to go higher. If you're looking to buy or sell your home, I’d advise doing so now as mortgage rates are likely to go higher.”
The experts say the market is cooling down, however the inventory is still very low and well priced properties are still selling fast. If you are considering selling or Buying and looking for an experienced agent who can react quickly by monitoring market conditions on a daily basis feel free to contact me. If you have any real estate questions.
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