Ocean City Today
DECEMBER 6, 2013
BUSINESS 23A
Reason to be optimistic about Maryland’s housing market REAL ESTATE REPORT
Home prices on rise, helping to create urgency LAUREN BUNTING Contributing Writer (Dec. 6, 2013) The Maryland Association of Realtors recently posted information showing there is reason to be optimistic about the near-term prospects for Maryland’s housing market. And, although they reported that the market softened a bit entering the fall for both seasonal and economic reasons, they pointed out that home prices are on the rise, helping to create urgency.
Other factors mentioned for a bright outlook this spring included falling gas prices, job growth acceleration; and record highs in equity markets. The report offered some statistics specific to Maryland including: Maryland’s economy added 43,300 jobs, or 1.7 percent, between August 2012 and August 2013, according to the Bureau of Labor Statistic’s Establishment Survey. That rate of job growth equaled the national average. Maryland ranked 16th in the nation in terms of percentage job growth during that 12-month period, up from a
ranking of 22nd three months prior. Leading the way in terms statewide job growth over the past year are professional and business services (+16,300, or +4 percent); education and health services (+12,600, or +3 percent); government (+5,500, or +1.1 perceent); and leisure and hospitality (+4,100; or +1.7 percent). Those segments that have registered job losses include manufacturing (-2,100; or -1.9 percent) and information (-600; or -1.5 percent). The report was tempered with a commentary on “looking ahead” that included the following points: “While the outlook for ongoing housing market recovery remains positive, there are certain scenarios under which recovery could stall. The expe-
rience of the past summer indicates that the Federal Reserve does not have as much control over long-term interest rates as it might like. Even the mere threat of tapering the Federal Reserve’s monthly asset purchases caused long-term interest rates to surge higher in May, June and August, diminishing housing affordability in the process. At the beginning of May, the 30year fixed mortgage rate stood at roughly 3.3 percent. By the end of August, it stood at around 4.5 percent. Another such episode would likely cause the housing market’s recovery to shed much of its current momentum.” — Lauren Bunting is a licensed REALTOR®with Bunting Realty, Inc. in Berlin.
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