Median prices for homes rise 5% in Baltimore area

Real Estate Watch

May 16, 1999

Median home prices in the Baltimore metropolitan area rose 5 percent in the first quarter of this year compared with the same period last year, according to the National Association of Realtors.

The median price -- half the homes selling for more, half the homes selling for less -- of a home in Baltimore in the first quarter was $121,300, compared with $115,500 last year.

Baltimore followed the national trend of increasing home prices, as all regions reported increases in the first quarter, led by the West with a 6.8 percent increase.

The national median existing-home price for the first quarter was $131,600, up 4.6 percent from last year.

The highest increase came in Kalamazoo, Mich., where the median price jumped to $108,700, up 13.6 percent. San Francisco ranked second, as prices jumped 13.2 percent to $331,100. The third-largest increase was recorded in Miami-Hialeah, Fla., where the median climbed 12.9 percent to $133,000 in the first quarter.

Sharon A. Millett, president of the National Association of Relators, said the price increases in the first quarter are the result of a steady volume of purchases by first-time buyers and those trading up.

"The home-buying conditions of 1998 have carried into 1999," Millett said. "Conditions remain solid and continued stable interest rates keep attracting buyers to the market."

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