Maryland REALTORS® released their monthly info from the Housing Statistic report, see the details of the news release below. 

The number of home sales in Maryland continued to decline in the July 2023, dropping 22.6% to 5,915 units versus July 2022’s figure of 7,643 units. The average sales price grew by 3.2% to $486,385, while the median sales price rose 4% to $414,900. 

As in months past, July’s housing statistics point to a market with low inventory and fewer sales amidst steadily increasing prices, which is further exemplified by a drop in units pending (houses under contract) of 8.2% to 6,560 units and a 34.4% drop in the number of new listings, down to 6,491 units.

“We’re seeing signs of easing inflation, which should help to make the cost of housing more accessible, and yet the single biggest component of the Consumer Price Index, housing costs, continues to drive inflation, rising faster than anything else,” said Yolanda Muckle, 2023 President, Maryland REALTORS®. “There are a variety of factors contributing to the rising cost of housing, which includes the recent rise of the 30-year fixed rate mortgage interest rate, the lack of available homes for sale, and local land use policies that discourage housing development.”

Muckle also pointed out that in a balanced market there should be six months of inventory available. In July 2023, Maryland had 1.4 months of available inventory.

“To solve our current housing crisis, we need to think of several approaches, including the creation of missing middle housing, which provides diversity in price points, size, and scale when compared to traditional single-family homes,” said Muckle. “Local jurisdictions need to be open to this as well because as it stands 62% of Marylanders who have a full-time job still can’t make enough to afford a home in Maryland. This cannot continue.”

Lauren Bunting is a Broker with Keller Williams Realty of Delmarva in Ocean City, Maryland.