Sales of existing single-family homes in Maine slowed for the third consecutive month from a year earlier, indicating a moderation in the warm housing market, although prices continued to rise, according to data released Thursday by the Maine Association of Realtors. .
The 2,067 homes sold were down 9.7% last month from September 2020, while the median selling price rose nearly 17% to $ 320,000. The median selling price means that half of the houses have sold more and the other half less. Sales volume was still 10.7% higher than in September 2019, before the start of the pandemic.
Overall, 2021 is a solid year for single-family home sales, said Aaron Bolster, president of the Maine Association of Realtors.
âBuyers quickly buy inventory to sell as they enter the market,â he said. Maine has a 2.1 month supply of single family homes for sale, which is well below the six month supply which reflects a balanced market.
Lincoln and Piscataquis counties saw the largest declines in home sales, at about 27% each from July to September 2021 compared to those same months in 2020. Aroostook County saw the largest increase, just over 12% at 300 units over the three month period. .
In terms of median selling prices in Maine’s 16 counties, only Washington County saw a slight price decline of 3.3% to $ 160,000 in the three months. All other counties posted double-digit gains, with Knox County’s 39.4% rise to $ 369,500 being the biggest jump.
Penobscot County sales fell 2.7% to 601 homes sold over the three-month comparison period, but prices rose 20% to $ 210,000.
Cumberland County saw a 6.1% drop in sales to 1,286 and an almost 20% increase in the median selling price to $ 449,950 over the three-month comparison period.
Nationally, sales of existing single-family homes edged down 3.1% from September 2020, but prices rose nearly 14% to a national median selling price of $ 359,700.
Lawrence Yun, chief economist of the National Association of Realtors, expects more homes to hit the market next year as pandemic mortgage forbearance programs end and home builders. houses are increasing their production.
âHousing demand remains strong as buyers are likely to want a home before mortgage rates rise even further next year,â he said.
More articles from the BDN