May housing data reveals COVID-19 impact

ANNAPOLIS — Maryland’s housing market in April and May reveals the impact COVID-19 is having on the state’s economy, according to housing statistics released by Maryland REALTORS®. Units sold in April dropped 14.1 percent year-over-year, and dropped another 32.4 percent as compared to May 2019, the largest decrease seen in more than a decade.

“In May, the average sale price was $365,945, a growth of only .3 percent,” said Maryland REALTORS® President John A. Harrison. “The median sale price of $320,000 grew only 2.3 percent. Months of inventory, which was 2.0 in April, dropped slightly more in May to 1.9.”

According to Harrison, these numbers are unsurprising given the recent COVID-related restrictions on buying and selling, and general economic uncertainty.

“One sign that sales may be rebounding can be found in Units Pending, housing transactions under contract,” Harrison said. “In April, houses under contract were under 2019 figures by 3,612 but by May, we reached 9,502 units pending, up 213 units from April 2019. Also, we know that weekly showing activity and new purchase contracts are ahead of last year, giving us additional reason to believe the real estate market is poised for a relatively robust recovery.”

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