August residential home prices rose for a seventh month compared to the same period of 2017, according to Maryland REALTORS®. Average home prices rose by 5.3 percent, while median prices also rose in August by 4.2 percent as compared to the same time in 2017.
"Average residential home sale prices have risen for the seventh month in a row," said Maryland REALTORS® President Boyd Campbell. "We also saw an increase in median price compared to 2017, while active inventory continues to trend down, off by 9 percent compared to the same time last year," added Campbell. "The 2.8 months of available inventory is impacting everyone's ability to buy or sell. We expect to see another increase in interest rates at least once, if not twice before the years' end."
With interest rates still at historically low levels, now is the best time to buy or sell.
Reported by MRIS.
NOTE: UNITS ARE THE "UNITS" SOLD, PENDING ARE UNDER CONTRACT.
*Months of inventory based on current active inventory and monthly sales for the corresponding month; Data are revised on a regular basis. Readers of these reports should note that older reports have not been adjusted to reflect these revised data. This report, however, contains the latest reliable data to date.
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