ME: May Real Estate Prices Dropped 28% Year Over Year

The number of existing home sales in May dropped 28 percent compared to the same period last year, according to a Wednesday release from the Maine Association of Realtors. The median sales price also dropped slightly May-over-May, from $169,900 to $165,700, a 2.47 percent drop.

The group reported that there were 784 units sold statewide in May, compared to 1,090 last year. Mike LePage, a Realtor with RE/MAX Heritage in Yarmouth and the president of the Maine Association of Realtors, said part of the reason for the year-over-year drop was a boost in May 2010 sales due to expiring tax credits.

“As we compare and contrast last year, we are reminded that second quarter last year marked a modest surge in the market due to first time and second time homeowner tax incentives that carried through the end of June last year,” LePage said in the release. “That boost may be the challenge we see as we attempt to compare last year’s first half of the year market to 2011.”

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