PORTLAND, Maine — Single-family home sales in Maine jumped more than 22 percent in November compared with last year, a spike the Maine Realtors Association attributed to pent-up demand, mild weather and the promise of a December interest rate hike.
Figures from the Maine Association of Realtors showed 1,201 Maine homes changed hands in November, compared with 979 during the same month one year ago. It was the largest year-over-year increase for any month in 2015.
[tableau server=”public.tableau.com” workbook=”Latesthomesalesfigures” view=”Single-familyhomesales?:showVizHome=no” tabs=”no” toolbar=”yes” revert=”” refresh=”” linktarget=”” width=”100%” height=”370px”][/tableau]
Marie Flaherty, the association’s president, said in a news release that the November increase likely had many causes.
“The mild weather and threats of rising interest rates certainly has had some impact on buyer decisions,” Flaherty said. “However, pent-up demand has had the biggest effect.”
The Federal Reserve did raise its benchmark interest rate earlier this month to between 0.25 percent and 0.5 percent. The change in monetary policy means the cost of borrowing for expenses like buying a home will rise.
The median price of homes in Maine also continued to increase in November, jumping about 4 percent from November 2014 and continuing a steady year-over-year rise in prices this year.
[tableau server=”public.tableau.com” workbook=”Latesthomesalesfigures” view=”Mediansaleprice?:showVizHome=no” tabs=”no” toolbar=”yes” revert=”” refresh=”” linktarget=”” width=”100%” height=”370px”][/tableau]
While Maine’s sales volume jumped 22.7 percent in November, New England home sales were up 1.5 percent and national sales dropped by 4.6 percent. The median price in New England rose 3.2 percent, to $254,800, and rose nationally by 6.6 percent, to $221,600.