May 23, 2012
First-time buyers drive up home sales, prices
Home sales in April were up nearly 9% over last year, marking the ninth consecutive month of increasing sales in Maine. A total of 824 existing single-family homes were sold last month, up 8.7% from April 2011.
The median sales price also rose 4.48% over the same month last year, to $167,950, according to the Portland Press Herald. It's the second month in a row that home prices have increased; last month, they rose 0.2%. Tina Lucas, president of the Maine Association of Realtors, said in a press release that much of the recent activity is from first-time home buyers.
In the Northeast, home sales rose 19.2% and the median sales price rose 8.8% to $256,600. Nationally, sales rose 9.9% and the median price increased 10.4% to $178,000.
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