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July Home Prices, Sales Both Increase in Maine

September 05, 2007 - Bucking national trends, both sales and median prices of Maine's single-family homes rose more than 4% in July compared with a year ago.

Sales rose 4.26% and median prices increased 4.74%, according to the Maine Real Estate Information System, Inc.

A total of 1,247 homes changed hands during July, 2007, up from last July sales of 1,196 homes. The median sales price reached $199,000, an increase from July 2006's price of $190,000.

Nationally, sales of existing single-family homes dropped 9.3% from July 2006. According to the National Association of Realtors, the median sales price dipped by 1% during the 12 month period.

In the Northeast, Realtors had 2.9% fewer sales this July. However, the regional median sales price rose 5.9% to $290,900.

This item first appeared in the Portland Press Herald, August 29, 2007

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