According to this story by Jamie Smith Hopkins in The Sun today, home sales “rose throughout the suburbs and particularly in Howard County, up 27 percent.”
That’s the good news.
The bad news is that home prices “were down almost 7 percent from a year earlier, to about $298,000, which is below what they were in 2005. Some economists expect continued declines for a while.”
That matches up pretty well with what Kiplinger had to say this week. The business forecasting newsletter predicts that prices will eventually drop 40% below their peak in 2006 and could take “seven to 12 years before prices regain lost ground.”
There is a good chance that prices could begin to recover in our area considerably sooner due to projected job growth at Fort Meade.