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Mid-Atlantic home sales stabilize in July

August 25, 2010 - Moving activity in the Mid-Atlantic may have provided a much-needed boost to the area's real estate market.

The number of homes sold through the first seven months of 2010 was 7.87 percent higher compared to the same time period in 2009, reported RealEstate Business Intelligence. Much of that improvement may have been led by the strong numbers of people moving to cities like Baltimore and Washington, D.C. Year-to-date home sales in Baltimore were 14 percent higher compared to the same period in 2009, while D.C. home sales have increased 24.5 percent.

While for-sale homes stayed on the market for 76 days in July - unchanged from the previous month - that is 24.5 percent lower than the same time period last year, said the report. Home prices are on the rise, and people moving to the region are eating away at the once-bloated housing inventory.

"We are pleased to see that no ground has been lost since last month," said RBI president Jonathan Hill, adding that the report's findings "indicate continued market stability and strength on a greater scale."

The Mid-Atlantic may be one of the few regions of the country to experience positive moving activity and sales growth. According to the Commerce Department, national new-home sales were down 12.4 percent in July.

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