With home prices soaring and fewer options, 'buyers are on the sidelines'
Photo / Maureen Milliken
Home sales eased in June across Maine, but values have increased, the Maine Association of Realtors reported.
Sales of single-family homes in Maine dropped 7.18% in June from a year earlier, with inventory growing ever-tighter.
At the same time, the median sales price increased 5.09% over the same time period, to $239,085, according to Maine Listings.
Inventory for houses for sale was nearly 6% below last year’s levels.
“Buyers are on the sidelines waiting for affordable homes to come onto the market,” said Peter Harringtonn, president of the Maine Association of Realtors and broker-partner with Malone Commercial Brokers.
“After a slow start to 2019, the number of single-family real estate sales bounced upward in April and May, but declined again in June,” Harrington said in a news release. “For the first six months of 2019, the number of single-family sales transactions is 2% below the comparable time period for 2018.”
National outlook
Nationwide, sales of single-family existing homes dipped 1.7% in June 2019, compared to the same month last year. The national median sales price increased 4.5% to $288,900 in June 2019.
In the Northeast, sales declined 4.2%, while the regional median sales price of $321,200 reflects a 4.8% rise in values compared to June 2018, according to the National Association of Realtors.
“With mortgage interest rates continuing to hover at historic lows, we expect that markets will remain healthy and respond as for-sale inventory becomes available,” Harrington said.
Most Recent
Most Recent
0 Comments