Home prices continued to tick upwards last month according to sales data just released by Maine Listings. The figures reveal that the median sales price (MSP) for property sold statewide in May was up by 6.57% when compared to the same month last year.
The MSP which indicates half of homes sold for more and half for less stood at $373,000.
Again, a shortage of available inventory was a major factor in the price rise whilst also accounting for a step drop in unit sales down more than 20% on a year ago.
More encouraging perhaps was that there was an increase of 43% in homes sold last month over April suggesting homebuyers may be finding it slightly easier to find a property to purchase.
The National Association of Realtors(NAR) reported a 20% decline in salesnationwide in May compared to May 2022, and the national MSP eased3.4% to $401,100. Regionally, Realtors in the Northeast reported a 2.5% rise in the MSP to $439,000, while sales declined 25.4% in last month compared to a year ago.