PORTLAND, Maine — A lack of inventory caused Maine home sales to drop sharply in April, the second month this year when the total reported number of existing home sales tracked lower than last year.
Prices continued to climb, however, as the inventory of single-family homes on the market was 25 percent lower than last year, according to the Maine Realtors Association.
“Low inventory is impacting potential sellers as well. Some are hesitant to list their homes without a suitable ‘next step’ to move into,” said Greg Gosselin, president of the association.
Figures from the association show home sales decreased for the first time in seven months in February, dipping again in April at the fastest rates since early 2011.
Meanwhile, median sale prices of homes have continued to rise steadily since 2015, with three months when the sale price dropped compared with the same month one year earlier.
Real estate and leasing activity has been one of the fastest growing sectors of Maine’s economy and helped lead the state’s economic growth through 2016, alongside health care and corporate management sectors.