Increases in closed sales and new pending sales

OVERVIEW

In June, the housing market in the Baltimore Metro Area improved relative to last year, with both buyer activity and seller activity above their year-ago levels.  Closed sales and new pending sales increased by 2.8 percent and 3.2 percent, respectively.  The increase in closed sales was driven by townhomes and single-family detached homes, while the increase in new pending sales was driven by single-family detached homes alone.  The number of homes for sale continues to increase and active listings climbed 22.2 percent from last June.  The number of active listings reached its highest level in over two years but is only 67.7 percent of its 2008-peak.  New listings continue to increase, rising 19.8 percent from last year. 

Closed sales decrease from the prior year for fifth consecutive month

OVERVIEW

The Washington, DC Metro Area continued the pattern of low buyer activity in May.  Closed sales and new pending contracts decreased from last May by 10.6 percent and 4.5 percent, respectively.  But both were above their May-levels in 2011 and 2012 with new pending contracts above their May-levels for all years from 2006 to 2012.  As in recent months, bank-mediated sales decreased at a faster rate than non-bank-mediated sales and contributed to the overall decline in closed sales.  The median sales price continues to rise, likely due to both the decline in bank-mediated sales and tight inventory.  The median sales price increased 1.2 percent and reached the highest May-level on record with data going back to 1997.  Seller participation continues to increase and both active listings and new listings rose.