Conforming Loan Limit Reduction Impacts High-End Market Segment

Rockville, MD –(November 10, 2011) – The following analysis of the Baltimore, Maryland, Metro Area housing market has been prepared by RealEstate Business Intelligence (RBI), and is based on the October 2011 RBI Pending Home Sales Index™ released today.

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OVERVIEW

There were 2,210 new pending sales in the Baltimore metro area for the month of October, 20.2% more than the same month last year, but the median sales price fell 8.2% compared to October 2010, marking the tenth straight month of year-over-year declines.  The reduced conforming loan limits, effective October 1, appear to have had a negative impact on higher priced home sales with the number of homes sold above $600,000 falling 45.3% from September. Home sales below $600,000, on the other hand, saw an 11.7% decline in sales. The drop-off in settlements for higher priced homes had a negative impact on the median sale price for October and is something to keep an eye on in the months ahead. 

Pending Sales Activity Follows Expected Seasonal Trends

Rockville, MD –(October 10, 2011) – The following analysis of the Washington, D.C. Metro Area housing market has been prepared by RealEstate Business Intelligence (RBI), and is based on the September 2011 RBI Pending Home Sales Index™ released today.

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OVERVIEW

Home sales in the Washington, D.C. metro area headed into the slower fall market losing some momentum as expected following the end of Washington’s seasonal summer peaks. There were 3,829 new contacts written in September 2011 beating September 2010 by 12.4% and 11.7% ahead of the five year September average. The total September contracts were 8.2% less than the 4,169 contracts signed in August 2011, consistent with the decrease in seasonal activity.  At $338,000, the median sales price for September 2011 showed some resilience as it was the highest September level since 2008.