The Washington and Baltimore markets closed out the summer home buying season with their best August in years, according to a pending sales index devised by the local multiple listing service.
In the D.C. metro area, 4,169 contracts were signed in August, the highest number for the month in four years. That's still less than the 4,563 deals signed in July, but it is said to be consistent with seasonal trends. Better yet, contract signings were up 19.9% from August last year.
In the smaller Baltimore market, last month was the best August in five years. While the 2,365 contracts signed in the month was 1.7% short of the July total, the drop off was well below the 6.9% average month-over-month decline of the past five years.
In Washington, median sales prices showed a similar seasonal pattern in August, declining 3.8% to $356,000 from $370,000 the proceeding month but largely unchanged from August 2010. In Baltimore, the median price outpaced seasonal patterns, rising 4.4% to $235,000 from $225,000 last month.
The RBI Pending Home Sales Index is a two-year moving window on the housing market using new pending sales and median sales price.
According to the Metropolitan Regional Information Service, the big regional MLS, the index provides "unique insight" into the state of the current housing market and is a "first look" at regional housing data and trends.
