Real estate report: Home sales decline in Maine

Posted March 16, 2011, at 7:43 p.m.

PORTLAND, Maine — A report by a New England regional real estate firm says Maine’s housing market took a dip coming out of the winter season with home sales declining 10.7 percent in February.

Re/Max New England says that home sales were down 5.2 percent between February 2010 and last month. But it says prices held stable with a slight decrease of 0.9 percent.

The report says that regionally, buyers found tighter credit standards and unfavorable weather conditions for home buying, leading to a decrease in sales in February.

But Re/Max says the spring market should see an uptick in inventory, breathing more life into Maine’s housing market.