A continuing lack of homes for sale is driving prices up and the number of sold units down according to real estate industry watchers in Maine.
Latest figures from Maine Listings for October reveal year-on-year sales dropped by 10.04%. Meanwhile, the median sales price (MSP) for existing single family homes spiked by 13.25% when comparing last month to October of 2022.
The MSP, which indicates half of homes sold for more and half sold for less, now stands statewide at $376,000.
Insiders underline the latest figures reinforce that it remains a good time to sell while buyers remain active despite downward pressures from interest rates. Rates have been dropping most recently however with suggestions that inflation maybe cooling leading to the Fed to put a hold, for now at least, on the prospect of further base-rate increases.
The National Association of Realtors (NAR) announced a 14.6% national decline in single-family existing home sales in October compared to 12 months ago. Prices across the country increased 3.0% percent to a national MSP of $396,100.
Regionally, sales in the Northeast declined 15.8% with the MSP up 7.5% to $439,200 over that same time period.
