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November 21, 2007

Us vs. them (how our housing market compares)

The National Association of Realtors' sales figures for the states continue to show an unusually sharp slowdown for Maryland. Home sales here in the third quarter -- July through September -- dropped nearly 30 percent from the same period last year, according to numbers released today.

Only three states saw worse numbers: Nevada, Florida and Arizona, often singled out as states particularly hard-hit by the bust. California, another state that tends to make the list, did slightly better than Maryland at fifth worst. (These are seasonally adjusted annualized numbers, in case you were wondering.)

The Realtors also released price data for the metro areas today. Single-family houses that sold in the Baltimore area in the summer had contract prices slightly above those sold a year earlier, up 1.7 percent. That ranked it 70th out of the 93 metro areas with reported price gains.

Just over 50 metro areas saw price drops. The biggest, at just over 12 percent, came in Palm Bay, Fla.

One reader asked about Cumberland, which was seeing big gains earlier in the year. (I wrote a story about it.) It's still fairly high up on the price-gain rankings, but it has dropped to No. 19, with a gain of about 7 percent. Bismarck, N.D. is tops at 15 percent.

Posted by Jamie Smith Hopkins at 12:39 PM | | Comments (0)
Categories: Number-crunching
        

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About Jamie Smith Hopkins
Jamie Smith Hopkins, a Baltimore Sun reporter since 1999, writes about the regional economy. Her reporting on the housing market has won national and local awards. Hopkins is a Columbia native and has lived in Maryland all her life, save for 10 months spent covering schools in Ames, Iowa.
She trained to become a wonk by spending large chunks of time as a geek and an insufferable know-it-all.
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