Maine experienced solid gains in both median price and sales volume for existing single-family homes in July.

Maine Listings reported Wednesday that 1,864 homes changed hands – an increase of 9.7 percent from the same period a year earlier – and the median sale price jumped by 9.2 percent to $225,000. The median indicates that half of the homes were sold for more money and half sold for less.

“For-sale inventory is coming onto the market, but statewide we’re seeing 12 percent fewer homes for sale than a year ago,” said Kim Gleason, president of the Maine Association of Realtors and broker/owner of McAllister Real Estate in Hallowell. “Pricing is related to these market forces; home prices continue to rise, which is an advantage for current homeowners looking to build equity, but rising prices can become an obstacle for first-time buyers. In some Maine markets, price gains are outpacing income growth because of consistently low for-sale inventory levels.”

For the three-month period ending July 31, statewide home sales volume increased by 3.7 percent in Maine compared with the same period in 2017.

The median sale price for the three-month period increased by 9.8 percent compared with a year earlier, to $225,000.

The biggest increase for the three-month period was in Piscataquis County, where existing-home sales rose 31.6 percent from a year earlier to 100 sales. The biggest decrease was in Waldo County, where sales fell 5.8 percent to 130.

The biggest increase in median sale price for the three-month period was in Lincoln County, where it rose 19.5 percent from a year earlier to $239,000.

The biggest price decrease was in Washington County, where the median fell 6.8 percent to $110,000 from the same three-month period in 2017.

In Cumberland County, home sales increased by 3 percent for the three-month period compared with a year earlier, while the median sale price increased by 8.5 percent to $320,000.

Nationally, home sales dipped by 1.2 percent in July from a year earlier, while the median sale price increased by 4.6 percent to $272,300, according to data released Wednesday by the National Association of Realtors.

The Northeast region experienced a 1.5 percent decrease in sales, while the regional median price jumped by 6.8 percent to $309,700, it said.

 

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