Sales Of Existing Homes Drops 18.5%

Posted by Maine Real Estate

July 9, 2007

SOUTH PORTLAND (AP) — Maine home sales continued to lose ground last month.

The Maine Real Estate Information Service says sales of existing single-family homes dropped 18.5% in May. But the median price dropped only two percent from the same period last year.

The drop is in line with a national trend. The National Association of Realtors calculated a 10.8% drop in sales of existing homes.

All told, 1106 homes were sold in May. That compares to 1358 in the same month last year.

The biggest drops in Maine were in Franklin and Piscataquis counties, where home sales were down more than 30%. Lincoln County was the only one to see a gain.

Elizabeth Reinholt, wcsh6.com

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