Falling sales and rising prices remained the trend in the Maine residential real estate market in June.
The latest figures from Maine Listings indicated year-over-year sales declined by19.24% when comparing last month with June of 2022. Prices paid for single-family homes sold were up 6.45% this June over the same month last year, however.
The median sales price (MSP) has now reached $385,000 statewide. The MSP means half of the homes sold for more and half for less.
The lack of inventory is still the driving force behind the ongoing up-down trend. Despite rising prices and rising interest rates demand for properties that are for sale remains strong.
A shorter-term view does offer a slightly more optimistic perspective for homebuyers though with 27% more homes sold in June than in May of this year. The fact that there were 14% more homes for sale month over month also suggests availability is improving somewhat.
Nationally the June-to-June comparison revealed a fall in both sales and prices with recorded declines of 18.8% and 1.2% respectively, according to the National Association of Realtors (NAR). Countrywide the MSP stands at $416,000.
The North East experienced a 21.5% drop in sales and a 4.9% increase in the regional MSP to $475,300.