The number of contracts signed for existing houses in Baltimore dipped a bit in June, but it was still the best June in Charm City in four years, according to the local multiple listing service.
Pending sales activity slipped 5.3% from May, to 2,585 contracts signed. But the decline was pretty much in line with the average 3.4% May-to-June decline registered over the last decade.
Moreover, pending sales for the month were up 30.8% from June 2010's 1,977 deals. That reflected the April 30 expiration of the federal home buyer tax credits, so it's not actually a big surge in sales. But nevertheless, it was the most contracts signed since June 2007, according to MRIS.
The median sales price of $235,500 fell short of last June's level. But, while it was 5.8% below the $250,000 clocked in June 2010, it was still the highest median for the area in eight months.
In another sign of a strengthening market, the number of new houses being put on the market fell sharply, which the listing service says is largely attributable to a drop off in foreclosure activity.
At the same time, though, MRIS also reported that the absorption rate – the number of months it would take the entire inventory of houses for sale at the current pace of sales – edged higher to 6.6 months as the market entered its normal seasonal slowdown. Also, the spread between what sellers want for their houses and what they eventually accept remained above historic norms at 9%.
