Average Home Values in Maryland Down in May - 7/20/15
In much of the nation, home prices are rising. However, data from certain sources indicate that that is not the case in Maryland. According to real estate firm CoreLogic and as reported in the Baltimore Business Journal, average home values in Maryland this May were down one point five percent from a year earlier.
In the Baltimore region, home prices were down closer to two percent. Maryland is one of only five states with lower home prices on a year-ago basis, the others being Massachusetts, Connecticut, Mississippi and Louisiana. Nationally, home prices are up by a bit more than six percent over the past year. Homeowners should not lose heart. There is every reason to believe that home prices will begin to rise in Maryland going forward.
After years of soft economic performance in twenty thirteen and twenty fourteen, Maryland’s economy has picked up steam in twenty fifteen. Between May of last year and May of this, the state added forty six thousand eight hundred jobs, many of them added this April and May. That represents the best twelve month performance since a twelve month period spanning from March of two thousand and five and two thousand and six. Continued low mortgage rates help.