Baltimore-area home sales posted a slight increase last month, according to the Greater Baltimore Board of Realtors. But there were signs that consumers are still a bit reluctant to take advantage of the lowest mortgage interest rates in years to jump into the market.
While the number of closings were up, the total number of units pending under sale -- reflective of more current market activity -- was down 27 percent last month compared with February 1992, according to the figures compiled by the real estate organization.
The number of pending units represents those homes that consumers have agreed to buy but have not yet reached settlements on. They totaled 1,327 last month, down from 1,834 in the same month last year.
The number of home sales that actually reached settlement last month was 931. This was just 10 more than in the same period last year.
The Realtors group also reported yesterday that the number of new listings fell 3 percent last month.