Industry insiders pointed to interest rates and an on going squeeze on available inventory for a decline in home sales in Maine last month.
Latest figures from Maine Listings revealed a 16.78% dip in the number of units sold in March when compared to the same month last year. Eight hundred and fifty eight properties changed hands last month compared to 1,031 homes in March 2022.
The median sales price (MSP) for homes sold continued to creep up meanwhile though. The MSP, which indicates that half of homes sold or more and half for less, stood at $337,500 last month, up 3.85% year on year.
The competing factors have combined to see prices drop in geographical pockets in Maine but the market still viewed as an advantageous one for sellers.
The National Association of Realtors (NAR) reported a decline in home sales nationwide of 21.1% when measuring data for March 2023 against March 2022. Prices also eased 1.4% to a national MSP of $380,000. Regionally, home prices in the Northeast rose 1.0% to $395,400, while sales dipped 21.2% comparing last month to 12 months previously.
