New-home sales in region fall 18% from last year

Real Estate Watch

September 22, 1996

New-home sales in the Baltimore region stalled in August, dropping nearly 18 percent compared with the same period last year, Housing Data Reports Inc. said.

The Washington-based company, which tracks sales in Baltimore and Baltimore, Carroll, Harford, Anne Arundel and Howard counties, said 661 homes sold, compared with 804 in August 1995.

Sales also fell, but less precipitously, in a month-to-month comparison -- dropping nearly 5 percent from July, when 694 homes sold, the report said.

Compared with August 1995, sales of single-family homes fell 15.6 percent, while sales of townhouses were down 9.8 percent. Condominium sales fell sharply, by 41.3 percent.

New-home sales fell everywhere in the region but in Carroll, where sales rose 3.6 percent. Sales declined 62.5 percent in the city, with six new homes sold.

In Carroll, single-family home sales jumped 18.4 percent from August 1995. Townhouse sales rose 12.3 percent in Baltimore County and 12.7 percent in Howard. Sales of condominiums plummeted 50 percent in Anne Arundel, as many top communities sold out.

Although sales fell, competition increased: The number of developments selling homes grew from 394 in August 1995 to 420 last month.

In the Washington region, sales fell 9.6 percent, to 1,742 for the month, compared with August 1995. Sales improved only in the District of Columbia -- by 65 percent.

Single-family homes accounted for nearly half of all sales in August.

Pub Date: 9/22/96

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