Single-family home sales figures dipped again in August compared to the same time last year, though median home prices are still trending upward statewide, according to the Maine Association of Realtors.
There were only 1,859 homes sold in August of this year, according to the association. That’s a 9.89% drop from the 2,063 reported in the same month in 2021. Nationally, home sale figures also decreased in August by 19.2% compared to 2021. Sales were also down in the northeast, by 19.2%.
“While still historically low, active for-sale listings have been on an upward trajectory for the past six months, up almost 25% from July 2022 to August 2022,” said the association’s president, Madeleine Hill. “With additional for-sale inventory, we’re seeing a leveling in some areas of Maine. Buyers are approaching these market trends in a more strategic fashion, with contract contingencies and seller concessions becoming more common.”
Home prices also followed July’s trend, with the median sales price hitting $340,000. That’s a 9.68% increase over August of 2021. Nationwide, prices also rose in August, with a national median price of $396,300. In the northeast, the median price went up by 1.5% to $413,200.
In Maine, according to association data covering the last three months, Cumberland County sold the most homes from June through August with 1,116, a decline of 12.6% over the 1,277 reported in the same period in 2021. Washington County had the fewest sales, at 129, down just under 26.3% from the 175 sold last year.
Cumberland also led the three-month period in median sale price, at $503,500, an increase of 11.6% over the $451,000 price in the same period in 2021. Aroostook had the smallest median price of $149,700, an increase of just over 15% from the $130,000 median price reported in the same period in 2021.