August saw a continued strong selling season in Maryland, according to the Maryland Association of REALTORS® (MAR). Statewide unit sales jumped by 9.6 percent last month; average home price rose 2.7% and median home price was up 5.9% from August of 2011.
The trend we saw in early spring has continued,” said MAR President Pat Terrill. For the second month in a row, the statewide inventory of homes remains below 6 months, the level considered an indicator of a healthy housing real estate market. There was 5.1 months of inventory in August, compared to 7.6 months this time last year. Another important indicator, pending units, also improved; there were 659 more homes under contract compared to August of 2011.
“We continue to be encouraged by the buoyant summer selling season,” noted Terrill. She added, “The gains in average and median price statistics signal an overall market stabilization, which is promising not only for housing but also for the overall economy as well.”
Maryland monthly housing statistics are compiled by data as reported by MRIS and the Coastal Association of REALTORS®. For purposes of this report, units are the “units” sold and pending units are those units that are under contract. Months of inventory are based on the current active inventory and monthly sales for the corresponding month.