Area median price of existing homes trails U.S. median

Real Estate Watch

February 21, 1999

The median sales price of an existing home in the Baltimore area in the fourth quarter of 1998 fell below the national average and failed to keep pace with the national inflation rate, according to statistics released by the National Association of Realtors.

Existing homes in the Baltimore area had a median price in the fourth quarter of $119,400 compared with $131,000 nationwide. The median is the midpoint, with half the homes selling for more and half for less.

Existing-home median prices in the area rose from $117,300 in the fourth quarter of 1997 -- an increase of 1.8 percent. The overall inflation rate for the fourth quarter was 2.1 percent. Nationally, existing-home prices are up from $124,800 -- an increase of 4.9 percent.

In 1998, the median existing-home price was $120,600 in Baltimore and $130,600 nationwide. This compares with $118,200 and $124,100 in 1997.

The largest percentage increase of existing-home median prices nationally was in Lansing-East Lansing, Mich., which rose 15 percent (to $102,800) in the fourth quarter.

Pub Date: 2/21/99

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