Home sales ease in September, median home price continues decline
Photo / Peter Van Allen
In this pending sale, a two-bedroom house in Freeport had a list price of $325,000, just under the median home price.
The escalation of home prices may be slowing, according to the Maine Association of Realtors.
In July, the median sales price was 12.38% more than the same month in 2021, and in August, the price was 9.68% above. But in September, the price was up by only 3.13%, reaching a median sales price of $330,000; the median sales price indicates half the homes sold for more and half sold for less.
Maine's median home price peaked in June at $360,000, and has shown a steady drop since.
The market continues to see a dip in the number of sales. Comparing September 2022 to September 2021, sales eased 8.56%, representing 1,890 single-family homes sold in September.
That figure also follows recent trends. In July, sales volume was down 15.28% from July 2021. And in August, sales volume had declined 9.89%.
While prospective homebuyers may be relieved to see prices taper off, the market is still at historic highs.
Last month nearly 1,900 homes sold, making it the third best September in the 20 years the association has kept records, said Madeleine Hill, 2022 president of the Maine Association of Realtors and designated broker at Roxanne York Real Estate in Harpswell.
“For-sale inventory had been trending upward, but strong September sales slowed that momentum and demand remains active,” Hill added.
Nationally, the National Association of Realtors reported a 23% decline in sales in September 2022 compared to September 2021. The national MSP rose 8.1% to $391,000.
Regionally, sales dipped 18.7% and the regional MSP of $418,500 represents an increase of 8.3% when comparing September 2022 to September 2021.
“As we move into the fourth quarter, the silver lining of rising mortgage interest rates and the inflation-driven volatility of financial markets may be the stabilization of home sales prices,” said Hill. “After 25 consecutive months of double-digit pricing increases, both August and September 2022 came in with single-digit price appreciation.
“Overall, Realtors across Maine are feeling a leveling in the marketplace.”
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