July Housing Report: Home Prices Jump to a Record 24.7% as Prices Set a New High
Sales of existing homes jumped to 24.7% in July from June, according to The National Association of Realtors. This is the strongest monthly gain in the history of the NAR survey, going all the way back to 1968. This is also the highest sales pace since December 2006.
- Sales were 8.7% higher nationally from July 2019.
- The supply of existing homes plummeted 21.1% annually, with just 1.5 million homes for sale at the end of July.
- The median price of a home sold in July rose 8.5% annually to $304,100.
The supply of existing homes plummeted 21.1% annually, with just 1.5 million homes for sale at the end of July. This represents a 3.1-month supply at the current sales pace, down from a 4.2-month supply a year earlier. It’s the lowest July supply in the history of the inventory survey, which has been tracking single-family supply data since 1982.
Central Maryland July Housing Report
July Houses Sold: 3,073
June 2020: 3,747
MTM Change: -18%
Inventory
June 2020: 4,523
July 2020: 3,641
MTM Change: -20%
Inventory Accumulation1
July 2020: 1.3
June 2020: 1.9
MTM Change: -.32%
Median List Price
July 2020: $365,000
June 2020: $349,868
MTM Change: 4.14%
Median Sold Price
July 2020: $365,000
June 2020: $340,000
MTM Change: 7%
New Listings
July 2020: 3,473
June 2020: 3,747
MTM Change: -7.31%
July 2019: 3,861
YOY Change: -10%
Mortgage Rate YOY (Year Over Year) Change as of August 25, 2020
**Source Bright MLS, Freddie Mac**
Notes: Central Maryland includes the following Counties: Anne Arundel County, Cecil County, Baltimore City, Baltimore County, Harford County, Carroll County, Howard County, Prince George’s County
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