June 2022 Housing Stats

Maryland’s June 2022 Housing Statistics Suggests a Slowdown As Prices Continue to Rise

ANNAPOLIS, MD—July 18, 2022—Home sales in June continued to slow down as prices continued to rise, according to the June 2022 Maryland REALTORS® Housing Statistics report. While the average sales price rose 10.1% to $487,470, compared to June 2021’s figure of $442,882, and the median sales price rose 8.7% to $410,000, unit sales dropped 23.2%, 8,573 units against the June 2021 figure of 11,164.

Another indicator of sales movement, pending sales, which looks at the number of houses under contract, dropped 17.4% to 8,308. Since March 2022, the percentage of pending sales has steadily decreased. In March 2022, pending sales dropped 7.3%. The number of new listings has also dropped steadily since March; new listings in June fell 12.5% to 11,079, and in March new listings decreased by 5.4%.

“Inventory is up to 1.1 months, a steady increase over the last few months,” said Craig Wolf, 2022 Maryland REALTORS® President. “Interestingly, mortgage rates fell: Freddie Mac reported that the 30-year fixed mortgage rate dropped to 5.3%, from 5.7 percent the previous week. What that means for consumers is that buying a home became 5% more affordable—about $100 less every month when paying the mortgage.”

According to the National Association of REALTORS®, 57% of REALTORS® nationwide cited the lack of inventory as the primary reason that held potential clients back from completing a home purchase.

“With inventory up and a drop in mortgage rates, this could be an ideal time for potential homebuyers,” added Wolf.