August 25, 2017
Maine home prices up 4.2% in July
By Staff
A tighter-than-normal home inventory level led to a slight decrease in sales across Maine last month but the median price remained in positive territory, according to Maine Listings report on July’s real estate market.
According to Maine Listings, the median sales price for a single-family existing home increased 4.2% to $206,000 in July compared to July 2016. Sales waned a slight 0.53%.
“Active for-sale listings are down 15% in July compared to a year ago, with continued low inventory levels causing price gains that exceed income growth,” Greg Gosselin, 2017 president of the Maine Association of Realtors, said in a news release. “While the rising home prices are a boon for current homeowners building equity, these market conditions are keeping some prospective buyers on the sidelines, especially in Southern Maine markets.”
Gosselin said a recent nationwide survey by realtor.com indicates that one possible reason for the low for-sale inventory is that 63% of homeowners say their current house meets their needs.
Other factors influencing that high percentage of homeowners satisfied with their current home include a low mortgage interest rate, low property taxes or the timing of their recent home purchase.
The National Association of Realtors announced that July sales nationwide were up 1.7% over a year ago. The national median sales price of $260,600 represents a 6.3% increase. Regionally, sales in the Northeast eased 1.55% while the regional median sales price rose 4.1% to $290,000.
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