Home Prices On The Rise, But Some Local Counties Show Slump - 47 ABC - Delmarva's Choice

Home Prices On The Rise, But Some Local Counties Show Slump

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TALBOT CO., Md. - Home prices in May showed their best annual gains in more than 7 years.

US home prices jumped 12.2% in May, compared to a year ago.  It's The biggest annual gain since March 2006, according to the just released S&P Case-Shiller 20 city home price index, but gains haven't been as strong in the Mid-Atlantic region, with Maryland only picking up about 4.3%

Home prices across many Delmarva counties are up according to the most recent numbers from the Maryland Association Of Realtors, but that's not the case in Talbot County.

"We definitely turned to a buyer's market," says Coard Benson, president of the Midshore Board of Realtors, says over the past few years, it's been difficult for some of his clients to sell homes.

Despite home prices being up, Talbot County, one of the wealthiest counties in Maryland, saw the biggest dip in home prices between June 2012 and June 2013, down 17.4% percent.  Likely a lasting effect of the failing economy in the mid 2000s.

But things do seem to be improving, with Benson saying "I will say that we're moving through inventory at a more rapid rate.  We're even seeing more realtors entering the business."

A number of counties here on the shore did show an increases over the year.

Somerset County was the highest on the shore, up 36.8%, followed by Caroline County at 21.9%.

Economists say these numbers are a sign the housing market, and the economy are on the rise, but with foreclosure and loan delinquency rates still fairly high, there's still a ways to go.

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