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Prices dip, as more homes enter market

The median home price in the Baltimore metro area fell for the second month in a row in August, as the number of the homes on the market continued to increase, according to a monthly report published Wednesday.

The median sales price for the region dipped to $245,000, dropping 2.8 percent last month compared to the same period in 2013, according to the survey by RealEstate Business Intelligence, a subsidiary of the MRIS multiple listing service.

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Analysts had predicted downward pressure on prices as the supply of homes on the market increased. August marked the 11th consecutive month of year-over-year increases in inventory.

Last month, the number of homes on the market climbed to 13,940, 24 percent more than August 2013. Roughly 4,435 homes entered the market, a nearly 9 percent year-over-year increase and the 17th consecutive month of annual growth in new listings.

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Sales have not seen a similar jump. Baltimore City and the five surrounding counties reported 2,836 closed sales, up 1.1 percent year-over-year. Despite the modest increase, that's still the highest number of August sales since 2007.

Harford County experienced the biggest boost in home prices, with the median up 17.8 percent year over year to $265,000. The median sales price also increased slightly in Anne Arundel County, up less than one percent year-over-year to $320,000.

Prices dropped or remained steady elsewhere. In Howard County, there was no change year-over-year, with a median home pice of $400,000. In Baltimore County, the median dropped 1.9 percent to $213,950; it fell 3.4 percent to $285,000 in Carroll County and 4.4 percent to $129,000 in Baltimore City.

nsherman@baltsun.com

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