Pending Sales 5.1% Below March Jump; 21.8% Below Prior Year Tax Credit Fueled Surge, Median Sales Price Declines 6.5% Year-Over-Year

Rockville, MD –(May 10, 2011) – The following analysis of the Baltimore Metro Area housing market has been prepared by housing market expert Jonathan Miller of Miller Samuel, based on the April 2011 RBI Pending Home Sales Index™ released today:

OVERVIEW: There were 2,712 signed contracts in the Baltimore metro area for the month of April, 21.8% below the tax credit-fueled surge of 3,466 in the same month last year in the waning moments of the federal stimulus program and 5.1% below the 2,857 total of the prior month.  April pending sales did not keep pace with March pending sales largely due to last month’s release of pent-up demand from the lull in activity in the second half of 2010 caused by the expiration of the tax credit last spring.  The April 2011 median sales price was $215,000, 6.5% less than $230,000 in April 2010 but 7.5% above $200,000 in the prior month.  The first four months of 2011 resulted in the four lowest monthly median sales prices for the region since January 2005.