Moving families fetch higher home prices in Mid-Atlantic

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Moving families fetch higher home prices in Mid-Atlantic

September 20, 2010 - Families that are relocating in the Mid-Atlantic are selling their old homes for higher prices than they did a year ago.

The average sold price for a home in the region was 3 percent higher in August than it was a year earlier, reported RealEstate Business Intelligence. While year-over-year home sales were 11 percent lower than they were in August 2009, homes for sale last month were staying on the market for an average of 16.5 percent fewer days than they were a year earlier. Families did not have to delay their moving plans very long, as the average home sold in 81 days, compared to 97 in August 2009.

"Recuperation is slowly underway in the Mid-Atlantic region's housing market," said RBI president Jonathan Hill, adding that higher home prices and fewer days-on-market "point to increased solidity in the housing market."

Some regions of the Mid-Atlantic have experienced a surge in moving activity that has pushed home sales volumes there higher. Prince George's County in Maryland posted a 44 percent increase in year-to-date sales compared to the same time period in 2009.

That county has flourished recently amid job creation efforts that have spurred employee relocation. According to the news site GovMonitor, Prince George's County's 7.6 unemployment rate was the 11th lowest of the state's 24 counties.

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