Industry watchers suggest spiking mortgage interest rates, rising prices and also an increase in the number of homes coming on to the market maybe easing low inventory pressures a little.
That said latest sales and pricing numbers for the state of Maine reveal home values continued to rise in May – up 14.75% on average when compared to the same month last year.
The median sales price (MSP) for an existing single family home in the state now stands at $350,000. The MSP indicates half of homes sold for less and half sold for more.
Home sales, meanwhile, were down last month on May of 2021 by 11.97% statewide, according to the figures published by Maine Listings.
Experts say it’s too early to say if the market is transitioning to a more balanced status and only time will tell precisely in which direction things are headed.