Berkshire Hathaway PenFed Realty/Ocean Pines

help stabilize our market.”

“There are many factors that are contributing to our housing crisis. We have years of underbuilding.

“The cost of materials like lumber and concrete have skyrocketed over the last two years and though we can’t predict the future, if interest rates continue to increase then now is the time to buy a home and lock in a low-interest 30-year rate,” said Masten.

CAR’s monthly local housing statistics are compiled by Bright Multiple Listing Service, which represents the activity of over 1,000 local Realtors in Somerset, Wicomico, and Worcester counties, as well as 95,000 real estate professionals across the Mid-Atlantic region.

The Bright MLS service area includes Maryland, Delaware, New Jersey, Pennsylvania, Virginia, Washington, D.C., and West Virginia.

(ANNAPOLIS)—Gov. Larry Hogan announced in late April that more than $200 million in financing tools and new programs will be made available to create new affordable housing opportunities in the state.

The Maryland Department of Housing and Community Development (DHCD) will administer the funds to produce more than 6,000 additional units statewide amid rising construction costs and interest rates.

Continued from page 5 Cost of materials still rising Hogan announces program to boost affordable housing “During our administration, we have provided financing and tax credits to create or preserve more than 22,000 affordable rental units across the state—a level of production never before seen in the State of Maryland,” Hogan said. “To continue to build on these accomplishments, we are meeting the challenges created during the pandemic head on with a responsive set of tools to address shortfalls and creContinued on page 7