Maryland’s April Existing-Home Sales Decline, Home Prices Rise

Existing-home sales in Maryland declined in April this year, while home prices rose, this according to the Maryland Association of Realtors (MAR).

In April this year in Maryland, existing-home sales reached 4,546. This is down by 2.2% compared to the data in the same period last year with 4,649 existing-home sales.

Existing-home sales are completed transactions or completed sales of residential homes. Pending home-sales, meanwhile, are sales that are under contract but not completed transactions.

Pending-home sales in Maryland last April increased with 6,909, compared to 6,537 pending-home sales in the same period last year.

Home prices in Maryland, however, soared in April this year. The average price in the homes sold last April in Maryland was $298,052. This latest data is up by 10.6% compared to the data in the same period last year, with $269,560 average home price.

Meanwhile, the National Association of Realtors (NAR) reported that existing-home sales rose nationwide in April, while home prices continued to rise.

Total existing-home sales nationwide rose by 3.4% to a seasonally adjusted annual rate of 4.62 million in April from a downwardly revised 4.47 million in March, and are 10% higher than the 4.20 million-unit level in April 2011.

Lawrence Yun, NAR chief economist, said in a statement, “It is no longer just the investors who are taking advantage of high affordability conditions.”

Yun continued, “A return of normal home buying for occupancy is helping home sales across all price points, and now the recovery appears to be extending to home prices.”

“The diminishing share of distressed properties is another reason for higher home prices in upcoming months,” NAR chief economist added.

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