Maine
Maine home sales prices dropped in September
House costs in Maine gave the impression to be stabilizing in September after sharp rises the previous two years, in line with knowledge launched Thursday by the Maine Affiliation of Realtors.
Fewer properties offered in comparison with final yr. Costs have been up barely in comparison with a yr in the past, although at a lesser tempo than current months, they usually fell in comparison with August. Some 1,890 present single-family properties offered in September, down 8.6 % from September 2021.
The median gross sales value was $330,000, up 3.1 % from final September however down virtually 3 % from final month. The median gross sales value — at which half the properties offered for extra and half for much less — additionally was down 9.9 % in August in contrast with July, and has been on a month-to-month decline pattern since March of this yr.
Shifting into the final three months of this yr, rising mortgage rates of interest and inflation might stabilize residence gross sales costs, Madeleine Hill, president of the affiliation, mentioned.
“General, realtors throughout Maine are feeling a leveling within the market,” she mentioned. “After 25 consecutive months of double-digit pricing will increase, each August and September 2022 got here in with single digit value appreciation.” She was referring to year-on-year comparisons.
The softening residence costs might give potential homebuyers entry into an actual property market through which they’ve been stymied by excessive costs and stiff competitors.
Within the sizzling Portland and South Portland actual property market, the median gross sales revenue on a single-family residence or apartment declined 3.9 % from the second to the third quarters of this yr, in line with knowledge launched Thursday by actual property knowledge firm ATTOM Information Options. Which means sellers made a median revenue of $137,120 as an alternative of $142,623 the earlier quarter. Nevertheless, the revenue nonetheless was up 15.5 % in contrast with a yr in the past.
Knox County noticed the most important lower in items offered, falling 30.6 % to 161 properties offered from July by way of September of this yr in contrast with these three months in 2021.
Cumberland County was down 13 % to 1,118 offered, whereas Penobscot was down 2.5 % to 586 offered.
When it comes to pricing, Washington County noticed the very best enhance of 37.5 % to $220,000 over the three months. Cumberland was up 11 % to $500,000 and Penobscot was up 12.8 % to $236,800.
The Nationwide Affiliation of Realtors reported a 23 % decline in gross sales in September in contrast with the earlier yr, with an 8.1 % rise within the median gross sales value to $391,000.
“The housing sector continues to bear an adjustment because of the steady rise in rates of interest, which eclipsed 6 % for 30-year mounted mortgages in September and at the moment are approaching 7 %,” Lawrence Yun, chief economist on the nationwide affiliation, mentioned.