What's going on in the housing market? Check out the latest prices and sales trends

The rate of home sales is slowing but prices are still climbing in the region and throughout the state.

Twenty-two of Maryland's 24 jurisdictions reported fewer home sales in July compared to the same month a year ago.

But all 24 jurisdictions reported higher average house prices, according to statistics released this week by Maryland Realtors and Pen-Mar Realtors.

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“Overall there’s a general slowing down taking place, but by no means are we seeing the housing market tumble," Heather Weeks, a Realtor with Exit Preferred Realty and 2022 President of Pen-Mar Realtors, wrote Thursday in an email about the local market.

"Considering the recent interest rate hikes, our market remains strong and consistently moving forward. We can’t predict the future but (we) certainly aren’t seeing any signs of a local housing market that’s in trouble. In fact, the market is looking healthy and still in high demand," she wrote.

The average house price in Washington County hit $331,569 in July. It was the highest figure of the year, and it was the third straight month (and fourth of the year) that the average price exceeded $300,000.

The average price in the Hagerstown market reached $313,112.

“Hagerstown has seen average sold prices jump 18% in the past year, while at the same time having homes sit on the market over 28% longer," Weeks wrote. "This is similar to the rest of our general region, prices staying strong but not flying off the market at the same speed we’ve seen the past couple of years.”

Weeks noted similar trends in Franklin County, Pa., and the Chambersburg, Pa., market. The average price jumped past $275,000 in both areas.

“Franklin County’s housing market has seen a nearly 13% increase in average sold price, year-over-year," she wrote. "The average days on market remains similar to this time last year, only 5% less time on the market. This shows us that it’s a steady market that continues to grow, albeit not as turbulent as other areas in the region.

“Chambersburg has seen property values increase steadily, with average sold prices 23% higher than the year prior. That said, they are staying on the market an average of 6 days longer so there’s definitely a slowing down going on.”

Washington County sales down, prices up

Washington County homes sold plunged 21.3%, from 221 in July 2021 to 174 last month.

But the average price rose 15%, from $288,433 to $331,569. The median price jumped 18.2%, from $256,000 to $302,500. The median is the middle point, with half of the homes selling for less and half selling for more.

Homes spent an average of 24 days on the market in July, up from 17 in July 2021.

Hagerstown follows real estate trend

In the Hagerstown market, sales fell 25.17%, from 151 in July 2021 to 113 last month.

The average price increased 18.34%, from $264,593 to $313,112. The median price jumped 20.1%, from $248,950 to $299,000.

Homes spent an average of 18 days on the market, up from 14.

A look at the Franklin County market

Franklin County saw a 5.56% drop in sales, from 201 in July 2021 to 160 last month.

The average price rose 12.96%, from $245,041 to $276,789. The median price increased 14.79%, from $235,000 to $269,750.

Homes spent an average of 17 days on the market, down from 18 in June 2021.

In the Chambersburg market, sales fell 20.59%, from 68 to 54. The average price increased 23.29%, from $233,761 to $288,202. The median price rose 8%, from $250,000 to $270,000.

The average days on the market was 20, up from 14 in June 2021.

'Economic uncertainty is really what’s driving this pull back'

Sales dropped 27%, to 7,376, and average prices climbed 6.1%, to $472,656, throughout Maryland, according to the Maryland Realtors report.

Montgomery County reported the most sales, at 1,096. But that was down 30% from the county's figure in June 2021. Somerset County had the fewest sales, at 26.

Talbot County recorded the highest average price, at $754,038. Allegany County had the lowest, at $151,387.

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Concerns about inflation and mortgage rates are among the reasons for slower sales, Craig Wolf, 2022 Maryland Realtors president, said in a news release.

The Maryland Realtors' release quoted Lisa Sturtevant, chief economist at Bright MLS, as saying that "this market is more than just about mortgage rates: affordability challenges, higher home prices, economic uncertainty is really what’s driving this pull back.”

Mike Lewis covers business, the economy and other issues. Follow Mike on Twitter: @MiLewis.

July home sales, prices

The following statistics for selected Maryland jurisdictions list the number of homes sold in July and the average prices, with the percentage change from one year earlier.

• Allegany County: 85 (down 3.4%); $151,387 (up 4.7%)

• Frederick County: 448 (down 20.6%); $488,491 (up 6.7%)

• Garrett County: 45 (down 35.7%); $675,613 (up 7.2%)

• Washington County: 174 (down 21.3%); $331,569 (up 15%)

• Maryland: 7,376 (down 27%); $472,656 (up 6.1%)

Source: Maryland Realtors

This article originally appeared on The Herald-Mail: Home prices climb, rate of sales slows in Washington County region