Sales of single-family homes in Maine increased in October, both in value and volume, compared to a year ago, keeping pace with the record-setting 2016.

Maine Listings announced Tuesday that sales of single-family existing homes increased by 8.05 percent in October, compared to the same month last year. Prices also jumped 6.5 percent to a median sales price of $205,000 over the same period, according to a release from the Maine Association of Realtors. The median sales price means half of the homes were sold for more and half sold for less.

“We’ve been hearing for many months that a shortage of for-sale inventory had hindered the potential for 2017 real estate markets,” said Greg Gosselin, owner of Gosselin Realty Group in York and president of the Maine Association of Realtors, in the release. He noted inventory continues to be low, but has started to increase. “The past four months, including these very strong October numbers, have brought us on par with the record-setting 2016.”

Statewide, the number of home sales is just 0.4 percent below last year, said Gosselin.

Nationally, sales of single-family existing homes eased 1.0 percent in the October comparison. The national median sales price reached $248,300 in October, a 5.4 percent increase. Regionally, sales in the Northeast rose 4.2 percent and the regional price jumped 6.6 percent to $272,800 last month.

filed under: