Historically low mortgage interest rates and reduced prices continued to drive more housing sales in Maryland last month.
Sales in August increased for the second consecutive month on a year-over-year basis, after declines the four previous months, according to recent figures from the Maryland Association of Realtors and Metropolitan Regional Information Systems.
Existing-home sales rose last month by 4 percent in Maryland, as the median price declined by 6 percent to $241,564. Baltimore and Prince George’s counties saw the biggest jumps of 106 and 43 more sales, respectively.
“It’s a good time to buy with the low interest rates and prices,” said Joanne Darling, president of the Prince George’s County Association of Realtors. “Many counties around us are seeing prices rise, while they continue to go down in Prince George’s. We are seeing a lot more buyers than a year ago, and ultimately that competition will drive prices higher.”
Mortgage rates are hovering around a little more than 4 percent for a 30-year fixed-rate loan.
In Prince George’s, where sales rose by 6.4 percent over August 2010, the median sales price last month was $160,000, down 14 percent from a year ago. The median price in Baltimore County declined by 3 percent to $210,000, while sales jumped by 21.5 percent.
Montgomery County’s median sales price remained about the same at $379,900, although sales declined by 6 percent from a year earlier. Frederick County’s sales and prices were about the same as a year ago. Howard County’s sales rose by 6 percent, while the median price was roughly the same.