Housing markets: Ours vs. the rest of the nation's
Baltimore-area single-family home prices in the first three months of the year were down about 9 percent from a year earlier, which is middle of the pack among U.S. metro areas. That's according to numbers out this morning from the National Association of Realtors.
Most places in (or partially including) Maryland saw bigger decreases. Hagerstown prices declined 13 percent. Washington prices plummeted 25 percent.
But Cumberland -- in mountainous Western Maryland -- topped the nation with a reported gain of 21 percent.
The overall decline in the U.S. was almost 14 percent, the NAR said. The trade group said half the homes sold during the first quarter of the year went to first-time buyers, and nearly half were "deeply discounted" foreclosures or short sales. (I'm guessing there's some overlap between the distress sales and the homes sold to first-timers.)
The NAR, which also released transaction numbers by state, said home sales dropped 12 percent in Maryland from a year earlier. That's better than 32 other states and D.C., a heartening change (from a seller's perspective) from the days when Maryland sales were dropping faster than just about everywhere else.
Still, six states reported sales gains over the year. Most of them are the ones battered by big price drops and foreclosure inventories. Sales in Nevada more than doubled, according to the NAR, while they rose 80 percent in California and 50 percent in Arizona.
Also on the increased-sales list: Florida, Minnesota and Virginia. Our neighbor to the south saw sales rise 12 percent.
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Comments
I disagree with Lawrence Yun that first time buyers, thanks to Obama's $8,000 tax credit, are going to "save" the housing market. Are you kidding me? Home ownership is at record levels. Most people who want a home have one. The other potential first time buyers didn't buy a few years ago because they were smart. Now prices are sliding big time and Lawrence Yun is going to hang his hat on a first time buyer tax credit for people making under $75,000 a year? That seems desperate. A person making $75,000 can barely buy a $200,000 house. What first time buyer has a down payment anyway? And if they did who is going to want to see it evaporate in months if they did buy? This housing rhetoric is comical. How does the guy still have his job? Is Lawrence ever held accountable for his statements?
Posted by: Larry Yunner | May 12, 2009 1:40 PM
You all had a link/graphic reporting the appreciation and depreciation of the regions zip codes. Is that still available.
Posted by: T Mays | May 12, 2009 2:08 PM
Hi, T Mays. You can find the story -- and all the maps that went with it -- here: www.baltimoresun.com/business/realestate/bal-bz.housing01mar01,0,5822723.story
Posted by: Jamie Smith Hopkins | May 12, 2009 2:20 PM
The markets with increased sales are primarily the ones who are on the steep downslope of the bell-shaped curves. Baltmore has just started the slide from the top, and the rapid descent should be happening soon.
Here's hoping for a huge drop over the next couple of quarters!! Time to flush out all of those who have been living above their means...
Posted by: Darwin Rules | May 12, 2009 3:35 PM
A fellow real estate investor found and shared with me the below May 13, 2009 article:
"HUD ACTION ALLOWS HOME BUYERS TO USE $8,000 TAX CREDIT FOR DOWNPAYMENTS ON FHA-INSURED LOANS"
We've posted the full article on our Blog (please forgive the rudimentary style as we just recently set it up and are still figuring it out): http://baltimorehouses.blogspot.com/
Will the BaltimoreSun be reporting on this? Especially with the 12/1/09 deadline, seems that this is very important information to get out there ASAP!
Posted by: Baltimore Houses | May 15, 2009 11:37 AM
Hi, Baltimore Houses -- I tweeted about it at twitter.com/realestatewonk but am waiting until the weekend to post about it here. (Hoping for more details, since HUD didn't immediately offer anything beyond a brief mention in the speech to Realtors.)
Can't say what the Sun's plans are -- I'm on maternity leave and out of the newsroom loop.
Posted by: Jamie Smith Hopkins | May 15, 2009 12:00 PM