Home sale prices are on the rise in Maine. According to the Maine Association of Realtors, the median price for single-family homes sold last month was 7% more than at this time last year.
Association president Paul McKee said the limited supply of new houses across the state is helping drive prices upwards.
"You know more sales will help more people get into homes. But the struggle is real. And the struggle is going to continue until we can actually develop and develop in particular the affordable workforce housing," he said.
McKee said Maine has less than a three-and-a-half months supply of homes — meaning it would take that long to sell all the homes currently listed for sale in Maine at the current purchasing rate. McKee said balanced housing markets typically have around a six months supply.
According to the Maine Association of Realtors, about 1,200 single-family homes were sold last month — almost 4% more than this time last year. There were 3,900 total homes listed for sale, which is the most in almost two years.
MaineHousing communications director, Scott Thistle, said buyers are getting increasingly creative, with some people choosing homes outside of their desired locations.
"Folks are starting to make the decision that they're willing to maybe commute a little bit further to get a little bit more bang for their buck, and frankly find inventory that's available. I think that's kind of reflected in these numbers."
MaineHousing provides low-rate fixed mortgages to first-time homebuyers through its First Home Loan Program. Thistle says MaineHousing has been able to purchase even more low-rate fixed mortgages this year, making the program available to more first-time homebuyers.
