Home sales dipped by 9.63% in Maine last month when compared to June of last year while home prices continued to rise by 16.4% in the same timeline.
The median sales price (MSP) for a house according to the latest figures from Maine Listings stands at $360,825 statewide. The MSP indicates that half of homes sold for more and half for less.
Industry watchers note that June 2022 was still the 7th highest on record in terms of activity and since records began at the beginning of the 1990s.
The 1.8 months of inventory currently available is still well off what is considered to be a “balanced” market which is when there are six months’ worth of homes for sale.
Change has been evident though with an increase in days on market, less competitive offer situations and more price adjustments being made by sellers.