Residential home inventory and prices climbed in May compared to the same period of 2017, according to Maryland REALTORS. Average home prices rose by 4.1 percent for the fourth month in a row, while median prices increased by 4.0 percent as compared to the same time in 2017.
“We continue to see increases in average and median residential home sale prices, while the months of available inventory remained steady compared to 2017,” said Maryland REALTORS President Boyd Campbell. “We hope to see more available inventory on the market through the summer,” added Campbell, “This would help to maintain the balance that has allowed prices to increase at a sustainable pace. The lack of new housing stock continues to impact inventory and by default prices. National and local statistics suggest absence of any significant new home stock will potentially contribute to steady price increases in many markets throughout the state.”