December 29, 2016

Home sales and prices are rising statewide

Maine Association of Realtors reported 1,414 homes were sold statewide in November, up 17.74% compared to the same period a year ago. Median sales price for those homes reached $191,863, is up 6.59% over November 2015.

Nationally, sales of single-family existing homes jumped 16.2% since last November.

The National Association of Realtors reported a 6.8% rise of the national median sales price to $236,500. The Northeast region experienced a 15.7% increase in sales while the regional median sales price was up 3.3% to $263,000.

"The statistics from November show continued stability in most markets across Maine," Ed Gardner, broker owner of Ocean Gate Realty and president of the Maine Association of Realtors, said in a statement accompanying the November home sales report. "With the elections over, mortgage rates have risen slightly but remain at a sustained historical low. The financial markets have shown a spurt of growth over the past month and portfolios with stock market exposure may provide resources for investing in real estate."


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