Maine home sales fell again in May even as prices edge higher

Maine’s true estate market showed a lot more indicators of cooling in Could as dwelling sales continued their downward slide.

There had been 1,420 residence revenue across the state from May possibly 1-31, a just about 12 percent fall from the very same time last yr, according to the Maine Association of Realtors. All round, house income had been down nearly 18 % for the a few-month time period ending May perhaps 31.

“While nonetheless historically reduced, during March, April, and May of 2022 we have seasoned modest gains in the amount of households for sale throughout Maine,” Madeleine Hill, the president of the Maine Affiliation of Realtors and selected broker at Roxanne York Authentic Estate in Harpswell, mentioned Tuesday. 

“Some of that acquire is our regular spring dwelling offering seasonal improve, but we’re also observing house shopping for need impacted by soaring house loan interest rates and house cost appreciation,” Hill stated.

That mirrors a broader national drop in house product sales, with property sales down 7.7 percent nationally for the thirty day period of Could, as opposed with the exact same time past year. In the meantime, May’s gross sales fell 9.7 % across the Northeast, as opposed with Could 2021.

The state’s dwelling industry may possibly awesome even more heading into the summer months months as the Federal Reserve embarks upon an intense fee-hike strategy to tamp down on inflation.

Inspite of profits easing throughout Maine, residence values have ongoing to rise at a constant clip, achieving a median rate of $350,000 in May possibly, a 14.7 per cent surge about Could 2021, according to the Maine Association of Realtors. For the a few-month interval ending Might 31, the median value for a dwelling in Maine was up far more than 19 percent.

On the county stage, the most important increase in median house rates was in Aroostook County, where by the median value has risen 43.5 p.c for the a few-thirty day period period ending Could 31, as opposed with the very same time past yr. Aroostook still has claim to the cheapest median dwelling cost overall at $155,000. The best median home selling price for the period was in Cumberland County, where by it arrived at $510,000. The median residence cost rose most slowly in Waldo County, the place it jumped 4.8 percent to $275,267. The median property value rose in just about every county.

On the gross sales front, income were down across the board in in between March and May perhaps, as opposed with the similar time last yr. But product sales fell most sharply in Hancock County, where by they are down 42.5 %.