July represented the fourth consecutive month of 2017 in which single family home sales across Maine were below prior year. While July sales were 1.2% below the same month of 2016, year-to-date sales trail 2016 by 3.8%. The median selling price of $206.000 in July was the highest monthly result ever recorded and is up over July of 2016 by 4.1%.
Single family home sales have been consistently below prior year each month in 2017, and July was no exception. For the month unit sales of 413 – 10.2% lower than July of 2016. Year-to-date sales are 12.0% below prior year. While the monthly median price of $295,000 reflected a small decrease from June, overall prices are up 8.8% over the prior year.
Condo sales are also up year-over-year. Unit sales are up 8.9% while median prices are up similarly at 7.8%.
With 1,503 single-family homes for sale, July represented the highest inventory level of 2017, yet was still 15.6% below the July of 2016. The condo inventory was 9.6% below 2016 at the end of July.
The Existing-Home Sales report for July 2017 by NAR (National Association of Realtors) is scheduled for Thursday, August 24, 2017, and we will update our website at that time.
Home sales in June slipped in June as low supply kept homes selling at a near record pace but ultimately ended up muting overall activity. Overall sales were decreased 1.8%t to a seasonally adjusted annual rate of 5.52 million in June from 5.62 million in May. Unlike Maine, national home sales are slightly ahead of last year (0.7%).
Total housing inventory at the end of June declined 0.5% to 1.96 million existing homes available for sale, and is now 7.1% lower than a year ago (2.11 million) and has fallen year-over-year for 25 consecutive months. Unsold inventory is at a 4.3-month supply at the current sales pace, which is down from 4.6 months a year ago.