Home sales fall 30% in July
Maine home sales plummeted 30% in July following the expiration of federal home buyer tax credits.
A total of 807 single-family homes were sold in Maine last month compared with 1,154 in July 2009, representing a 30.1% drop, according to a press release from the Maine Real Estate Information System Inc. The median sales price, however, continued its upswing, rising 4.2% to $172,500. Marc Chadbourne, president of the Maine Association of Realtors, said in the release the drop in home sales was expected as federal tax credits, which gave $8,000 to first-time buyers and $6,500 to repeat home buyers, ended April 30.
Home sales dropped 25.6% in July compared with the same month the previous year, and the sales price edged up 1% to $183,400. In the Northeast, the number of homes sold fell 30.3%, while the median sales price rose 4.8%.
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