Modest growth in sales and new contracts for the region relative to last year

OVERVIEW

Sales and new contract growth have resumed in the Baltimore Metro Region housing market after a slow start to the year.  The growth however remains much slower than the previous year, possibly highlighting lingering uncertainty in the market.  Condos continue to lead in sales, new contracts, and median price growth for the second straight month, while market indicators for single-family detached homes remain sluggish.  The inventory of homes for sale in the Baltimore region is at an eight-year low, and new listings continue to fall after six months of stability, further evidence of uncertainty for many would-be sellers.  Despite the relatively slow sales growth, the low supply of inventory continues to put upward pressure on prices around the region.  All jurisdictions in the Baltimore Metro region posted median sales price growth, with the strongest growth occurring in Baltimore City and Harford County.

After several months of growth - sales, new contracts, and median prices flatten; Low inventory continues, active listings down 2,500 from last year

OVERVIEW

After several months of strong year-over-year growth, sales and new contracts in the Baltimore Metro Region have slowed, and are essentially unchanged from a year ago. While this could indicate softening demand, it is still too early to distinguish a pattern. At a more granular level, single-family homes brought down the growth rate for the market as a whole because they make up more than half of the region’s sales and new contract in any given month. Sales and new contracts on single-family homes dropped from this time last year, while condos and townhomes experienced growth or remained steady.