Homes sales are down in Maine while home prices are up.
The latest report from the Maine Association of Realtors shows a 4.15 percent drop in sales from a year ago, while the median prices of a home increased to $415,000.
Notable were price increases in the coastal counties of Sagadahoc, Lincoln and especially Hancock, which is home to Bar Harbor.
The median home price in Hancock County rose 18.4 in the rolling quarter average ending in September from last year. The median price in Hancock County is now almost $528,000.
The drop in home sales is being linked to inflation and higher mortgage rates.
“Aside from the traditional slowdown from the summer months, increasing inflationary pressure and higher mortgage rates without a comparable downward adjustment in pricing have sidelined some buyers, especially first-time buyers with no equity from previous home purchases,” said Maine Association of Realtors President Judy Oberg.
Maine’s 4.15 percent decrease in home sales in September was representative of the rest of the northeast, while the region as whole saw a price increase of 4.7 percent, compared to 2.6 percent in Maine.
A more comprehensive breakdown of Maine home sales is below:
(Maine Association of Realtors)
