August home sales
Baltimore-area home sales in August were up year-over-year for the third straight month, Metropolitan Regional Information Systems said today. The increase was about 5 percent in the metro area, while average sale prices dropped 7 percent.
August's average -- about $295,000 -- is $14,000 lower than what sellers got four years earlier.
"Your mileage may vary" warning: Some sellers who bought at the peak are seeing a much bigger loss of value. An average is just an average, and it also doesn't account for the homes that are sitting on the market unsold.
That unsold group added up to about 18,700 homes last month. That's down 10 percent from a year earlier -- good news for sellers -- but more than double what it was at the peak of the buying craze in 2005.
Sales, meanwhile, are down 54 percent from the level set in August 2005.
On the upside, pending deals that buyers and sellers agreed to last month rose 25 percent from a year ago. I sense a mad rush to close by Nov. 30, when the $8,000 tax credit for first-time buyers is supposed to expire.
More on this in tomorrow's story. Stay tuned.
What are you noticing about the housing market nowadays?