Prices remain flat; Active listings remain historically low, but new listings rise sharply

OVERVIEW

After a slow start to the year, demand continues on an upward trend in the Baltimore Metro Area housing market.  Sales and new pending contracts both rose at double-digit rates relative to last year, evidence of improved confidence among buyers.   Despite the demand pressures, the median price remained flat in the region, rising only $500 from last year.  There were increases in median price at the jurisdiction level, however many were slower than in recent months. 

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.