A noticeable flat line is the best description of what October home sales in Maine looks like.
It seems that the number of homes that have changed hands the past month was slightly less than the number the state had for the same month last year. This is despite the steady increase in the number of homes sold the past 11 months, a report from Bangor Daily News stated.
According to the Maine Association of Realtors President Marie Flaherty, October is a month of "adjustment." Home sales dipped less than 1 percent because people are adjusting to many factors and among these is the weather.
"Although we typically see a slight adjustment as the weather gets cooler, the October statistics are more indicative of an inventory problem." She added in a news release, "The minor dip in units sold during a 30-day period doesn't indicate a trend."
This decline happened just as home sales were booming nationally at 4.6 percent and around 8.6 percent increase in New England.
Maine, on the other hand, outpaced national and regional price increase last month with the median price for homes sold up around 7.1 percent with a value of $187,500. The median price for New England homes increased 1.3 percent to $248,000. The national median price has improved 6.3 percent with a value of $221,200.
It has been reported earlier that median sales prices for homes have dropped in all six major Maine counties in the past three months. The largest increase was seen in Piscataquis County with the median home price rising from $65,000 to $92.000. the counties of Somerset, Penobscot, Hancock, Franklin and Aroostook have remained flat from the same period as well, another article from Bangor Daily News revealed.
As the climate gets colder in the state of Maine, the weather could turn violent with storms and chills. Flat October home sales may be due to the changing temperatures leading to a halt in home ownership activities. It could also be a change for 2015, a year wherein home sales have continued to increase far above real estate activity during the recession.
