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Baltimore-area home sales continued to drop in March even as prices continue to rise

Home sales in the Baltimore region continued to slide in March, with the number of sales that closed last month off by 7.9 percent from a year earlier.

Closings fell to 2,838 in the March, the seventh consecutive month when they were lower than the year before, according to data provided by MarketStats by ShowingTime based on listing activity from Bright MLS, the region’s multiple listing service.

The region’s total sales volume of $850 million was also down — by 6.5 percent from March 2018.

Harford County was the only one in the region where home sales rose from a year ago.

The slowdown, however, may be on the verge of a shift.

New pending sales in March rose 4.5 percent from a year earlier. And new listings increased 1.5 percent.

Inventory remains well under historic averages, which continues to push up prices. The median price for March in the region was up 1.9 percent from a year ago to $264,000 — a record for the month.

Prices generally have been increasing since the end of 2015 and sellers have been getting close to their asking prices. Median days on the market dropped to 47 days last month from 52 a year ago.

Howard County continued to have the region’s highest median price at $390,000, up 0.9 percent from March 2018. And Baltimore City had the lowest at $143,000, up 0.4 percent from last year.

Anne Arundel County’s median price was $335,000, up 2.8 percent; Baltimore County’s median was $245,000, up 2.1 percent; and Harford County’s was $245,000, which was flat.

Carroll County’s median price was the only one that dropped. It fell 4.4 percent in March to $306,000.

meredith.cohn@baltsun.com

twitter.com/mercohn

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