Governor Martin O'Malley today joined by Department of Housing and Community Development Secretary Ray Skinner, state and local officials, realtors and community leaders at a new homeowner's residence in Baltimore City, announced positive trends in both the State and Baltimore City's housing markets. Home sales statewide increased for the fifth consecutive month in June, marking the most home sales in one month since June of 2010.
Maryland's median home sales price increased for the fourth consecutive month to $268,910, representing the fifth consecutive annual increase and the highest monthly figure in nearly three years and the first time the State has seen five consecutive months of median home sale price annual increases since before the Bush recession.
Baltimore City's median home sales price increased by 6.1 percent for the month of June and rose 46.2 percent above last year, making it the largest annual increase among the 24 Maryland jurisdictions, according to the Maryland Association of Realtors.
"Progress is a choice. Job creation is a choice. Protecting the family home and fighting the scourge of foreclosures is also a choice," said Governor O'Malley. "There is no more powerful place in our State than a family's home -- the cornerstone of a strong, growing, upwardly mobile middle class. That's why, together, we're fighting for every Maryland home as if it were our own. And today we share this good news that our home sales and home sales prices are on the rise. Thanks to our hard work together, we're moving forward -- forward for homeowners, for home buyers, and for jobs and our economy."
Several new statewide initiatives are now available to both first time and non-first time homebuyers to continue to move Maryland's housing market forward. In honor of June's National Homeownership Month, the Maryland Department of Housing and Community Development launched the $30 million Targeted Areas Initiative, a part of the Maryland Mortgage Program. The Program provides a 2.875 percent interest rate (APR 3.675 percent) to homebuyers in federally targeted areas throughout the state, including Baltimore City.
In early July, the Maryland DHCD launched Maryland Homefront: The Veterans and Military Families Mortgage Program, a $50 million effort to help Maryland's active duty and retired military purchase a home. Maryland Homefront provides a half percent discount off the prevailing MMP interest rate and $10,000 in downpayment and settlement assistance to qualified current and former service members.
The Maryland Mortgage Program also offers a variety of low-interest, fixed-rate mortgage loan options with downpayment andclosing cost assistance, primarily for first-time homebuyers. Purchasers in targeted areas and qualified veterans do not have to be first time homebuyers.
"The goal of the Maryland Mortgage Program has always been to support qualified homebuyers who want to make the important investment of owning a home," said Secretary Skinner. "Now more than ever, the safe, secure loan products and closing cost assistance we provide can make the difference between whether or not our young professionals and workforce and military families can begin to build that foundation of personal wealth."
Maryland Mortgage Program loans can be combined with funds from applicable Partner Match programs and assistance from the local jurisdictions to maximize savings for homebuyers. In Baltimore City for example, prospective homebuyers may also benefit from stackable incentives offered by the Vacants-to-Value Homeownership Program and Healthy Neighborhoods Inc.
"For prospective homeowners, Baltimore City offers great opportunities to find the right home in a walkable, dynamic, and growing neighborhoods," said Baltimore Housing Commissioner Paul Graziano. "And, our new Vacants-to-Value incentives are making it easier than ever for families to buy into Baltimore."
For More Information
Information on these local incentives can be found here and here.
The Maryland Mortgage Program has been the state's flagship mortgage purchase program for more than 30 years. Managed by the department's Community Development Administration, loans are administered by a network of approximately 35 private lending institutions across the state. For more information on the Maryland Mortgage Program, its Downpayment and Settlement Expense Loan Program, please visit www.mmprogram.org
or contact the Community Development Administration by phone at 410-514-7535 or by e-mail at SingleFamilyHousing@mdhousing.org .
The Maryland Department of Housing and Community Development (DHCD) works with partners to promote affordable housing opportunities and revitalize great places for Maryland citizens to live, work and prosper. To learn more about DHCD and its programs, visit www.mdhousing.org.
News updates also are available by following DHCD on Twitter ( www.twitter.com/MDHousing) and Facebook (www.facebook.com/marylandhousing).