Home sales in the Baltimore region shrank for the first time in nearly two years last month as prices inched up, inventory shrank and deals involving distressed properties, including foreclosures, plummeted.
The number of home sales in the metro area dropped to 3,561 in July, nearly 2 percent fewer than in July 2015, the research firm ShowingTime RBI reported Wednesday.
The decline ended a 23-month streak of increasing year-over-year closings. The analysis was based on listing activity in Baltimore and the five surrounding counties from the MRIS multiple listing service.
Sales of distressed properties, which fell by more than 25 percent, helped drive the decline....