Maine’s housing market continued to rebound in May, with sales volume and median sale price both increasing from a year earlier.

Sales of existing single-family homes in Maine were up 6.3 percent in May compared with a year earlier, while the median sale price increased by 4.6 percent to $230,000, according to a report issued Friday by Maine Listings. The median indicates that half of homes sold for more and half sold for less.

The state’s housing market bounced back in April following months of relative decline in sales volume and price growth. May’s results further strengthened that upward trend.

“May was a strong month for residential real estate sales in Maine and, after a slow start to 2019, we’re pulling even to 2018 levels,” Peter Harrington, president of the Maine Association of Realtors and broker/partner with Malone Commercial Brokers in Portland, said in the report. “Sustained job security and low unemployment rates, healthy consumer finances and lower mortgage interest rates have fueled real estate markets across Maine.”

For the three-month period ending May 31, statewide home sales in Maine increased by 3 percent compared with the same period of 2018, while the median sale price was up 4.8 percent to $220,000.

Around the state, the biggest increase in sales for the three-month period compared with a year earlier was 50.7 percent in Waldo County (from 69 sales to 104), while the biggest decrease was 14.6 percent (from 151 sales to 129) in Aroostook County.

The biggest increase in median price compared with a year earlier occurred in Hancock County, where the price rose 25.5 percent to $235,320. The biggest decrease was in Piscataquis County, where the price fell 13.9 percent to $104,000.

Nationally, sales dipped 0.8 percent in May compared with a year earlier, while the median sale price was up 4.6 percent to $280,200, according to the National Association of Realtors. Sales in the Northeast region decreased by 4.7 percent, while the regional median sale price rose by 6.6 percent to $304,100, it said.

 


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