The median home sale price in Maine last month was over $409,000 – another record.
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Maine home sales rose slightly in August
Mortgage rates dropped in anticipation of the Federal Reserve’s first rate cut in more than 4 years, meaning buyers who were priced out may start house hunting again.
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U.S. home sales fell in August despite easing mortgage rates, more homes on the market
The national median sales price rose 3.1% from a year earlier to $416,700. That’s the highest median price for August on records going back to 1999.
Posted inBusiness, Nation / World
Average rate on 30-year mortgage falls to 6.20%, its lowest level since February 2023
Lower mortgage rates would help boost home shoppers’ purchasing power. But many economists’ forecasts call for the average rate on a 30-year home loan to remain above 6% this year.
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Prices still at record levels as existing-home sales inch up
The latest figures also show a slight increase in inventory.
Posted inBusiness, News
Price of typical Maine home hovering around $400,000, but more are hitting the market
The median home sale price in Maine last month was $399,250 – a 5% increase over July 2023, but a slight dip from the record high of $406,000 reported this June.
Posted inBusiness, News
Price of typical Maine home climbs above $400,000 for first time
‘It was only a matter of time before (Maine) crossed the threshold,’ said Paul McKee, president of the Maine Association of Realtors.
Posted inBusiness
The U.S. housing slump deepened this spring. Where does that leave home shoppers and sellers?
Economists are projecting mortgage rates will ease modestly by the end of this year. But a small decline in rates may not be enough to entice home shoppers and persuade homeowners it’s a good time to sell.
Posted inBusiness, Maine, News
As seasonal home sales grow in Maine, businesses pop up to watch them
Maine has the highest percentage of second homes in the country, and Portland has been named the nation’s hottest luxury real estate market for almost a year. Entrepreneurs are cashing in on the trend.
Posted inBusiness, Nation / World
U.S. home sales fall for the 3rd straight month amid rising mortgage rates, high prices
Sales of previously occupied homes fell in May for the 3rd straight month as rising mortgage rates and record-high prices discouraged many prospective homebuyers.