July Results The charts below includes the sales results of single family homes through July of 2019 vs July 2018 for Maine, York & Cumberland Counties and selected towns in the greater Portland area. As we have reported thought the year, sales volume continues to lag behind last year. While state results show only a slight decline, many towns reflect much lower sales levels – some in the double-digits.
Median pricing, however, is up. This trend has continued all year, and as reported in our recent “Details” video, Maine home price appreciation is representative of what much of the country has experienced in 2019.
Looking at southern Maine in particular, sales in Cumberland County tell a slightly different picture. In the month of July sales were 6.7% ahead of last year – significantly better than what is reflected in the total state results. Median home prices in Cumberland County were up 6.8% for the month. In fact, sales have been ahead of last year in four of the seven months so far.
Homes in lower priced segments continue to sell quickly, while the inventory of higher priced homes ($500,000 and up) has increased, and the days on market to sell has been extendeNational & Regional
Across the country sales of existing homes strengthened in July, a positive reversal after total sales were down slightly in the previous month. Although Northeast transactions declined, the other three major U.S. regions recorded sales increases, including vast growth in the West last month.
According to NAR, falling mortgage rates are improving housing affordability have nudged buyers into the market. The supply of “affordable” housing continues to be severely low, resulting in higher selling prices.
The median home price for all housing types in July was $280,800, up 4.3% from July 2018 ($269,300). July’s price increase marks the 89th straight month of year-over-year gains. July existing-home sales in the Northeast decreased 2.9% to an annual rate of 660,000, a 4.3% decline from a year ago. The median price in the Northeast was $305,800, down 1.0% from July 2018.ble.
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