Home sales up 15% statewide, uptick in median sale price
All but two of Maine's counties saw significantly more single-family homes sold this August over last year.
The Maine Association of Realtors reported a statewide increase of 15% in home sales volume over last year and an increase in median sale price of 3% to $170,000.
The statewide volume figures outpace the national numbers, where home sales increased 10% this August from a year ago, but the national median prices significantly outpaced Maine's hike, increasing 10.2% to $188,700.
In a press release, MAR President Tina Lucas attributed the increases in home sales to low interest rates that keep monthly payments competitive with renting.
"Add the value of a mortgage interest deduction, property tax deduction and the opportunity to build equity over time and the decision to own comes out on top for those renters who are ready and financially able to purchase a home of their own," Lucas said in the release.
Only Franklin and Piscataquis counties saw drops in the volume of home sales. Franklin County saw 24% fewer sales and Piscataquis saw a decrease of around 7% from last year. Eight of Maine's counties saw drops in the median sale price of single-family homes: Androscoggin, Cumberland, Franklin, Hancock, Kennebec, Knox, Lincoln and Penobscot.
Sales in Washington County saw the largest increases statewide, with volume increasing 284% over last year and median price up 22% to $110,000.
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Maine Housing Report - August 2012
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