Baltimore-area home sales cooled in July, posting a decrease for the first time in nearly two years.
At the same time, the median sales price of homes sold during the month rose 2.9 percent to $267,500, up from $260,000 in the year-ago period and marking the highest July sales price since 2008, according to data released Wednesday by ShowingTime RBI based on listing activity by MRIS.
The July median is 18.9 percent above the 2011 bottom of $225,000, while 6.1 percent below the 2007 peak of $285,000.
Closed sales dropped 1.7 percent to 3,561, down from 3,623 in July 2015. By comparison, closed sales increased 23 percent in July 2015.
Sales of single-family detached homes across the Baltimore region decreased 4.9 percent to 1,970 last month and condo sales dropped 5 percent to 363. Townhome sales rose 5 percent to 1,228.
Overall, sales volume across the area totaled more than $1.1 billion, up 2.7 percent from last year. The average percentage of original list price received at sale in July was 95.8 percent, the highest July level in a decade.
New listings compared to a year ago dropped 2.4 percent to 5,064. Active listings declined 10.5 percent to 12,674, marking the eleventh straight month of falling inventory levels.
Homes sold during July stayed on the market an average of 26 days, down from 32 a year ago and matching the best July since 2013 for median days on the market.
The Baltimore region is defined at Baltimore City, Baltimore, Anne Arundel, Carroll, Harford and Howard counties.
At 29.8 percent, Carroll County posted the largest increase in sales with 270. Baltimore County, meanwhile, saw the largest declined of 12.9 percent to 925 sales.
Baltimore City saw the highest year-over-year appreciation at 16.3 percent. The jurisdiction still remains the most affordable locale with a median sales price of $156,950. Howard County continues to be the most expensive area in the region. The July median sales price of $415,000 decreased 5.7 percent compared to last year.