June home sales in Maine increase more than 6 percent

Posted July 23, 2013, at 5:54 p.m.

SOUTH PORTLAND, Maine — Maine home sales increased more than 6 percent in June when compared with the same month last year, according to new data from the Maine Association of Realtors.

In June, Maine’s residential real estate market saw 1,327 single-family, existing homes change hands, a 6.42 percent increase from the 1,247 sold in June 2012, according to the data from the Realtors association.

The median sales price for homes sold also increased, from $175,500 in June 2012 to $184,000 this June.

“Buyers who have been sitting on the sidelines are starting to get more motivated,” Bart Stevens, president of the Maine Association of Realtors, said in a statement. “Although interest rates remain near historical lows, the economy continues to improve and indications seem to clearly point toward continued rising rates. Many areas of the country are experiencing very strong real estate sales and Maine is just slightly below the curve, but picking up speed.”

Nationally, single-family existing home sales increased 14.5 percent in June when compared with last June, according to the National Association of Realtors. The national median sales price rose 13.2 percent to $214,700.

Regionally, sales in the Northeast were up 16.7 percent and the regional median sales price of $270,400 reflects a 6.8 percent increase, according to the news release.

Increases in the real estate market outside of Maine help fuel Maine’s second home market, according to Stevens, who owns Century 21 Nason Realty in Winslow.

http://bangordailynews.com/2013/07/23/business/june-home-sales-in-maine-increase-more-than-6-percent/ printed on September 23, 2014