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November 22, 2023

Maine home sales continued decline in October, while prices soared by double digits

The price of buying a home in Maine continued to rise last month, as the continuing lack of available properties meant fewer sales happened.

According to Maine Listings, 1,435 single-family existing homes changed hands in October — a decline of 10.14% compared to the 1,597 that sold in October 2022.

Prices, however, rose 13.25% from a year ago to a median of $376,000 last month. The median sales price is the point at which half the homes sold for a greater amount and half sold for less.

Despite the new data, Carmen McPhail, 2023 president of the Maine Association of Realtors and associate broker at United Country Lifestyle Properties of Maine, noted that there's been a recent uptick in home-buying.

“The market is adjusting to the mortgage interest rate environment and qualified buyers are motivated to purchase," she said in a news release. "Every business day during October, 68 families purchased a home in Maine. That’s up nearly 2% over the prior month.” 

Maine mirrored trends seen nationally.

The National Association of Realtors reported a 14.6% decline in single-family existing home sales across the U.S. in October, compared to October 2022. Prices nationwide increased 3% to an MSP of $396,100.

Regionally, sales in the Northeast declined 15.8% and the regional MSP rose 7.5% to $439,200 over that same time period.

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