PORTLAND, Maine — Maine home sales jumped sharply in May, with demand strong enough to also push prices higher compared with the same month one year ago.
The Maine Association of Realtors reported single-family home sales rose more than 25 percent in May, as the median sales price rose about 3 percent, to $190,250.
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The leap in Maine came as national home sales volume rose 4.7 percent and sales across the Northeast rose 11.6 percent. The median price nationally rose 4.6 percent, to $241,000, and the regional price was basically flat.
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Ed Gardner, president of the Maine Association of Realtors, speculated in a news release that demand for new homes could be driven in part by increasing rental costs in specific markets.
“Demand is very high and is likely fueled by continued low mortgage interest rates, Maine’s exceptional quality of life, and increasing rental costs due to the limited supply of rental units in some markets,” Gardner said.
Home sales volume has increased steadily this year, helped by a mild winter that contributed to sales rising by double-digit percentages in January and February.