Baltimore Sun (05/14/08); Hopkins, Jamie Smith
A new report from the National Association of Realtors shows that Maryland registered the biggest decline in home sales during the first quarter at nearly 39 percent, but prices in the Baltimore metro area and the Washington, D.C., metro area--which includes part of the state--only fell 3 percent and 13 percent, respectively. "People are anchoring on their own love for their houses instead of anchoring on what the market is doing right now," Amna Kirmani, a marketing professor at the University of Maryland, says of sellers who refuse to lower their asking price to attract buyers. Maryland was one of the top states for fast-rising prices during the housing boom; and some real estate professionals believe prices will have to fall further, as they have in other markets. In addition to prices, sales are down because stricter rules and higher down payment requirements have reduced the number of people looking to purchase homes.
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