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September 27, 2010

Home prices rise, sales fall

By The Mainebiz News Staff

Home sales in Maine continued their decline, dropping nearly 10% during the month of August, while the median price continued to rise.

A total of 950 single-family homes were sold last month, a 9.5% drop compared with the 1,050 homes sold in August 2009, according to a press release from the Maine Real Estate Information Service Inc. In July, home sales plummeted 30% following months of double-digit increases. York County saw the biggest drop, with home sales falling 20.3%. The median sales price, however, is still on the rise, increasing 4.3% last month to $169,750.

Nationally, the number of homes sold in August fell 19.2%, while the median sales price rose 1.2% to $179,300. In the Northeast, home sales decreased 24.4%, while the median price rose 7.6% to $260,300, according to the release.

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