MAINE HOME SALES JUMP 15.14 PERCENT IN AUGUST;
PRICES UP 3.03 PERCENT
SOUTH PORTLAND (Sept. 19, 2012)—Strong positive sales of single-family existing homes continue for Maine.
According to the Maine Real Estate Information System, Inc., 1,255 homes changed hands in August 2012, a 15.14 percent increase over August of last year. The median sales price (MSP) for those homes rose 3.03 percent to $170,000. The MSP indicates that half of the homes were sold for more and half sold for less.
According to the National Association of Realtors, nationwide sales jumped 10 percent since last August, and the national MSP increased 10.2 percent to $188,700. Sales in the regional Northeast were up 8.6 percent and the regional MSP of $245,200 reflects a rise of 0.6 percent.
Tina Lucas, 2012 President of the Maine Association of Realtors, said,
“The consistent increases in the number of homes sold along with the recent boost in median values leads to this conclusion: it seems buyers are comparing the value of owning vs. renting. Low interest rates and attractive pricing keep monthly payments down. Add the value of a mortgage interest deduction, property tax deduction and the opportunity to build equity over time and the decision to own comes out on top for those renters who are ready and financially able to purchase a home of their own.
“‘Home Brew’, the Maine Association of Realtors’ latest educational campaign, provides buyers with the right mix of ingredients to realize their dream of homeownership.
At www.mainelistings.com/homebrew buyers are educated on topics including: improving a low credit score, considering a multi-family property and learning to recognize a home’s potential.
A new video will soon illustrate the financial benefits of homeownership. According to recent data from the Federal Reserve Board, the average net worth of a homeowner is 34.2 times that of the average renter; highlighting the benefits of homeownership seems a worthy endeavor,” said Lucas.
For more information, search Home Brew on Facebook or follow on Twitter @HomeBrewMe.