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August 14, 2008

Where we stand, according to the NAR

The drop in home sales in Maryland during the important spring selling season was sixth-biggest in the nation, according to numbers released today by the National Association of Realtors. (That compares April-June of this year with the same months last year.)

The 30 percent decline was a lot more than the nation's as a whole -- 16 percent. But it's an improvement on the first three months of the year, when Maryland sales dropped 39 percent vs. a year earlier, worst in the nation.

The Realtors group also compared sales in April-June with January-March, adjusted for seasonal variations, and said that 13 states saw increases. Maryland was not one of them; its sales dropped about 5 percent, about middle of the pack.

Single-family home prices, meanwhile, dropped 4.5 percent in the Baltimore metro area in the spring, according to the NAR, which does not has price information by state. That's also roughly middle-of-the-pack performance, at least among the 150 metro areas the NAR tracks. (Prices in the Washington area are down 17 percent, according to its number-crunching. Sacramento, Calif. prices are down 36 percent.)

You Wonk commenters who have said sales will pick up when prices drop enough might be interested to see this part of the Realtors' press release:

Lawrence Yun, NAR chief economist, said a clear cause-and-effect response has developed in the housing market. “The biggest home-sales gains over the previous quarter have been in some of the markets with the steepest and fastest price drops,” Yun said.

The only states reporting year-over-year gains in sales? Nevada and California, which have been among the hardest-hit by the slump.

Posted by Jamie Smith Hopkins at 2:43 PM | | Comments (3)
Categories: Number-crunching
        

Comments

Quoting Lawrence Yun is always a mistake. He is a **expletive deleted*. Prostitutes are more honest than he.

A price drop of 4.5% after increases of 200% is meaningless. Sellers are clueless.

Keep in mind that he's not talking about the Baltimore area in this quote -- he's talking about California et al, with 20 to 30 percent price drops.

Realtors - people with obsolete profession.

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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.
Baltimore Sun articles by Jamie
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