As the spring homebuying season kicks into gear, the housing inventory struggles with high interest rates. And buyers are now facing more challenges than ever in buying a new home here in Maryland.
It is certainly a seller’s market right now, but if you’re looking to buy in Maryland you won’t want to wait around too long. Because of low inventory, most properties are taken off the market on average within 9 days according to Maryland Realtors, a realtors association.
According to the latest data by the association, the state has seen a sharp decline in home sales over the past quarter. In fact, last month home sales dropped by 13.9% the largest drop so far this year.
Experts are pointing to a number of factors, including elevated interest rates, a decrease in housing affordability, and lingering economic uncertainty.
Data from a recent survey by Maryland Realtors revealed the state is short 150,000 housing units.
Click here to read the rest of the article written by Amy Kawata over at CBS News
