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Bucking National Trend, Maine Home Prices Continue to Rise in 2007

January 31, 2008 - SOUTH PORTLAND -- The median sales price for a single-family home in Maine increased slightly in 2007, according to the Maine Real Estate Information System, Inc. Maine Realtors reported a sales decrease of just over 10 percent from 2006, with a total of 12,014 homes changing hands, just slightly below the 10-year average of 12,900 annual home sales.

The statewide median sales price in Maine reached $194,000 in 2007, up 0.77 percent. The median sales price indicates that half of the homes were sold for more and half sold for less. During the month of December only, statewise median sales prices decreased 4.62 percent and sales were down 23.27 percent.

Nationally, single-family home sales declined 21.6 percent and sales prices dipped 6.5 percent in the month of December. The National Association of Realtors (NAR) also reported that for all of 2007, sales fell 13 percent and the single-family median sales price decreased 1.8 percent to $217,800.

In the Northeastern United States, sales were 22.4 percent lower than last December. The regional median sales price decreased 8.9 percent to $258,600.

Roger Belanger of Allied Realty in Skowhegan reported that his market area has been quite active lately. "Prices seem stable for us. We have plenty of buyers. They tend to look at more homes before they make a decision. Buyers are now, more than ever, looking at what the home is going to cost to heat."

Joan Chrane, broker of RE/MAX Riverside in Topsham, said, "The recent interest rate cuts will help buyers make a decision. With lower prices and interest rates, if this isn't the right time to buy, when will it be?" Chrane keeps clients informed and encourages them "to be flexible with buyers. It is all about strategy in this market."

January 24, 2008

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