New-home prices up 30.2% this year


sales dip nearly 10%

May 30, 2004|By Shruti Mathur

New-home prices in the Baltimore area continued to rise drastically during the first three months of the year, even as sales declined, new data show.

New-home sales declined nearly 10 percent to 1,459 units sold between January and March compared with the first three months of 2003, according to the Meyers Group, a real estate information and consulting firm that tracks sales. Prices jumped 30.2 percent to an average of $450,107 for detached homes and 20.9 percent to $266,936 for attached homes.

This phenomenon is due to the limited inventory of land across the region as a result of restrictive land-use policies and higher prices for building materials, members of the Home Builders Association of Maryland said.

But some local government leaders said many residents are concerned about sprawl and want to preserve open space, despite the concerns of builders.

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