Anne Arundel County Maryland Real Estate Market Statistics – August 2008

The National Association of REALTORS® (NAR) reported a decrease in the rate of existing home sales through the month Surface of June, which fell 2.6 percent. NAR’s revised With home sales forecast now stands at 4.86 million units for 2008.

Despite the decrease, REALTORS® are reporting activity in all regions across the country. NAR president Richard F. Gaylord explains, “Timing the market can be very tricky, which is why home buyers should always have a long-term view to build wealth.”

Average (Mean) Sales Price of Existing Homes by Region Date U.S. Northeast Midwest South West 2006 268,200 299,700 205,300 230,000 371,300 2007 266,000 307,100 200,500 225,600 365,900 01/08 245,500 298,400 178,800 206,500 335,600 02/08 242,000 292,700 175,100 204,600 333,100 03/08 247,100 310,800 183,200 209,600 325,200 04/08 247,200 294,400 188,500 212,900 327,000 05/08 252,600 309,100 190,700 219,000 326,700 06/08 257,500 292,600 204,200 229,900 330,500 Statistics from the National Association of REALTORS®

To stimulate market activity, the Federal Housing Administration has increased loan limit guarantees for 2008. FHA programs are available with a modest 3 percent down payment, and allow borrowers more buying options when purchasing a home. The national median existing home price was reported at $215,100 in June, down from a year ago when the median price was $229,000 for all housing types.