Maryland sales of existing homes jump 15 percent

Real Estate Watch

May 23, 1999

Maryland was one of a record 42 states to post an increase in existing-home sales in the first quarter, as it reported a 15 percent increase when compared with the same time a year ago, according to the National Association of Realtors (NAR).

Excellent housing affordability conditions and strong demand by entry-level and trade-up homebuyers were major causes for the increase in sales, according to NAR.

It reported that Maryland had a seasonally adjusted annual rate of 101,600 existing-home sales in the first quarter, compared with 88,300 last year. Seasonally adjusted annual rate is the total number of actual sales for a year if the relative resale pace for that quarter were maintained for four quarters.

The strongest year-to-year increase nationwide was in Kentucky, where the first-quarter resale pace rose 34.8 percent. The District of Columbia posted the second-highest increase (29.7 percent), while New Mexico was third (29.3 percent).

Regionally, the South experienced the highest increase in the first quarter, recording a rate of 2.45 million units, up 11.7 percent from a year ago.

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