Sales of single-family, existing homes in Maine jumped by 24 percent in October over the same month last year, according to figures provided by the Maine Association of Realtors. The median sales price also increased year-to-year by 3.3 percent in October.
Agents believe the combination of several factors have led to the uptick in activity. Pent-up demand, years of historically low interest rates and low prices seem to be motivating buyers. Less certain is whether the numbers mean the housing market is rebounding for the long term, though an upward trend is evident in statistics for September 2012 which show an 8.4 percent increase in sales over September 2011.
In October 2011, 945 single-family homes were sold in Maine. Last month, 1,177 homes were sold. At the same time, the median sales price increased to $170,500, up from $165,000 last year in October.
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