Metropolitan area's new-home sales cool off

REAL ESTATE WATCH

July 19, 1998

The surge in new-home sales cooled off in May for the Baltimore metropolitan market, according to statistics released by Meyers Housing Data Reports, a Washington firm that tracks new home sales.

May sales for the area slipped 15.8 percent when compared with the same period last year. The lone jurisdiction to show an increase was Howard County, up 7.7 percent over May 1997. Otherwise, sales were off 25.5 percent in Baltimore County; 21.1 percent in Harford and Carroll; and 17.1 percent in Anne Arundel.

Buyer demand for single-family homes was also lower from April to May, showing a drop of 22.8 percent. Every jurisdiction was down from April's totals, led by a 36.7 percent drop in Harford County, to an 11.7 percent decrease in Howard County.

Townhouse sales in the area were also off, slipping 17.7 percent from May 1997. Condominium sales followed suit, dropping 25.4 percent compared with the same period last year. Despite the declines, year-to-date sales for 1998 are still 30.5 percent ahead of 1997, with 4,484 units sold compared with 3,434 for 1997.

Pub Date: 7/19/98

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