Home prices continued to rise year on year and sales were up to in October according to the latest data released by Maine Listings.

The median sales price (MSP) last month stood at $395,000, up by 5.05% compared to the same month last year. The MSP indicates half of homes sold for more and half for less.

The number of units sold rose by 3.21% over October of 2023 with 1,481 properties changing hands.

The year-to-date figures show sales to be ahead of January to October last year by 3.8%.

Industry insiders continue to point to the need for more supply of available homes to further the move towards a more balanced market. They also note a fragmentation with some areas still experiencing multiple offers whilst others are seeing an increase in inventory and a stabilising in pricing.

Regionally, the Northeast saw no change in sales activity comparing October 2023 to October 2024. Prices were up though by 7.6%, the MSP now $472,000.

Other statistics from the National Association of Realtors (NAR) reveal sales of existing single-family homes across the country rose by 4.1% last month.

The nationwide MSP topped $412,000 an increase of 4.1% on a year ago.