High demand for housing continues to outpace downward pressures like rising interest rates as evidenced in the latest home sales figures for Maine.
Data released by Maine Listings has revealed a 7.34% rise in prices last month when compared to July of last year. An on-going trend of tight inventory also contributed to a drop in sales of existing homes, down 20.93% from a year ago.
The median sales price (MSP) has now reached $380,000. The MSP indicates that half of homes sold for more and half for less.
Industry commentators underlined the importance of buyers starting to work with an experienced real estate agent early and one with solid market knowledge and who is a capable negotiator.
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A slight uptick in the number of homes available for sale brings some welcome news for buyer with 9% more properties on the market in July than in June, and 6% more than July of 2022. The balance of the market is still tilted towards home sellers though.
Further afield, the National Association of Realtors (NAR) reported a nationwide sales dip of 16.3% in the past year, while the national MSP of $412,300 represents an increase of 1.6% in July 2023 compared to July 2022. Regionally, sales in the Northeast decreased 23.8%, and the regional MSP rose 5.5% to $467,500 over that same time period.