PORTLAND, Maine — Single-family home sales in Maine dropped about 10 percent in November, marking an end to 20 consecutive months of year-over-year growth in the number of homes changing hands.
The decline comes against increases in sales volume of 4.6 percent in the Northeast and 2.4 percent nationally.
That Maine’s first year-over-year decline in 20 months came in November falls in line with last year’s sales figures for that month.
November 2013 showed the slowest growth from November 2012, up just 2.65 percent after a summer characterized by regular double-digit growth attributed to an improving economy, pent-up demand and interest rates that remained low.
It was also the first month in just as long that both the sales volume and median sales price dipped, giving two indications of a drop in demand for homes.
The median sales price for homes in Maine dropped 1.43 percent, to $172,500, in November from one year ago. Nationally, the median sales price rose 5.6 percent, to $206,200, and in the Northeast rose 1.3 percent to $246,100.