Median house prices throughout Maine increased in July compared to the same period last year, according to the Maine Association of Realtors. However, a shrinking inventory meant realtors sold fewer homes.

“Overall, in Maine, it’s still a seller’s market though we’re beginning to see a leveling in some areas as evidenced by higher days on market and downward pricing adjustments,” said Madeleine Hill, the association’s president.

Realtors sold nearly 1,700 homes statewide in July, which is down just over 15% compared to July 2021, according to the association’s data.

The median sales price, however, increased by more than 12% to $354,000 compared to July 2021.

The figures appear be follow national trends. The National Association of Realtors reported a 19% drop in sales nationwide in July 2022 compared to last year, and the national median sale price of $410,600 is more than 10% higher than it was in July 2021.

Data from May through July for each of Maine’s 16 counties reflects these trends. Cumberland County led the state in the number of homes sold in the three months of 2022 at 1,049. But that number is down nearly 10% compared to the same period in 2021. Piscataquis County had the fewest number of homes sold in 2022 at 90, which was just over 8% less than the 98 homes sold in the same period last year.

Cumberland County also led the state in median home price for May through July, at $506,000. That’s up more than 12% compared to the median price of $450,000 recorded over the same three months in 2021. Aroostook County had the lowest median price of $150,000, which was more than 15% higher than the $130,000 recorded over the same period last year.

Hill said lower inventories aren’t the only factors in the dropoff in sales.

“Sellers and buyers are also adjusting to higher mortgage interest rates. Rate-sensitive buyers are more discerning, and we are beginning to see sellers respond,” Hill said. 

The following chart represents the period of May 1 through July 31 for both 2021 and 2022:

Source: Maine Real Estate Information System, Inc.