Maryland REALTORS® released information on statewide June home sales. Their release states that home sales continued to slow down as prices continued to rise, according to the June 2022 Maryland REALTORS® Housing Statistics report. While the average sales price rose 10.1% to $487,470, compared to June 2021’s figure of $442,882, and the median sales price rose 8.7% to $410,000, unit sales dropped 23.2%, 8,573 units against the June 2021 figure of 11,164.
Another indicator of sales movement, pending sales, which looks at the number of houses under contract, dropped 17.4% to 8,308. Since March 2022, the percentage of pending sales has steadily decreased. In March 2022, pending sales dropped 7.3%.
Figures for Worcester County specifically showed an average sales price rise of 14.8% to $442,028, compared to June 2021’s figure of $385,102. The median sales price rose to $386,800 representing an 13.8% increase. Pending sales sat at 195 in June of 2022, which was an 11.4% drop from the same time in 2021. New listings for Worcester County fell approximately 5% year over year in June, from 271 last year down to 259 this year.
“Inventory is up to 1.1 months, a steady increase over the last few months,” said Craig Wolf, 2022 Maryland REALTORS® President. “Interestingly, mortgage rates fell: Freddie Mac reported that the 30-year fixed mortgage rate dropped to 5.3%, from 5.7 percent the previous week. What that means for consumers is that buying a home became 5% more affordable—about $100 less every month when paying the mortgage.”
According to the National Association of REALTORS®, 57% of REALTORS® nationwide cited the lack of inventory as the primary reason that held potential clients back from completing a home purchase.
Lauren Bunting is a licensed Associate Broker with Keller Williams Realty of Delmarva in Ocean City, MD.
Lauren Bunting is an Associate Broker with Keller Williams Realty of Delmarva in Ocean City, Maryland.