Home sales in Maine were on the rise in August despite a limited inventory and higher prices.
According to new data from the Maine Association of Realtors, the state recorded 1,535 home sales last month, up 1.66% from the 1,150 sales in August 2023. The median home price of $400,000 marked a 7.53% spike from the $372,000 price set one year earlier.
“With 4,964 homes for sale last month and sales of 1,535 units, Maine’s for-sale inventory remains at a 3.2-month supply level, well below the six-month supply level that is indicative of a more balanced market for both buyers and sellers,” said MAR President Paul McKee, a broker affiliated with Keller Williams Realty in Portland.
McKee added while the number of homes for sale in his state nearly doubled since February, “the supply-and-demand imbalance remains challenging, and supply is still below the levels needed.”
Photo: Jimmy Emerson, DVM / Flickr Creative Commons
;
