The number of homes sold and prices paid for them continued on an upward trajectory in August, according to the latest report from Maine Listings.

Sales of existing single-family properties were up by 1.66% year on year. While the median sales price (MSP) also saw an increase comparing the same period, August 2024 to August 2023, by 7.53%. The MSP statewide now stands at $400,000.

Industry watchers reflected on an increase in homes for sale, which has almost doubled since February, but caution the current supply of inventory at 3.2 months supply falls someway below what is considered a “balanced” market of 6 months’ supply.

The market still favors sellers with demand outstripping supply but the improving situation surrounding mortgage rates provides for some positive news for buyers too.

The National Association of Realtors (NAR) reported a decline of 3.3% in home sales nationwide last month compared to 12 months ago. The national MSP did go up though by 2.9% to $422,100.

Regionally, in the North East, the sales picture remained even year on year, and prices increased 7.7% to $503,200.

Full Press Release and County by County data

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