May Results Single family home sales in May were at there highest level of 2019 and exceeded 2018 and 2017 by 6.1% and 4.6% respectively. Year-to-date sales are now 0.1% ahead of 2018, after trailing 2019 for much of the year.
The median price for the month of $230,000 represents the highest level ever recorded, and brings the YTD price to $206,000, which is 4.4% ahead of the first five months of 2018.
In southern Maine, especially in the greater Portland area, home sales rebounded in May. While some towns are still reporting lower unit sales in 2019, the gap between last year and this year has been reduced, despite no appreciable increase in inventory levels. Single family homes sales in York County are 1.6% ahead of last year while sales in Cumberland County trail prior year by 3.3%.As we move forward, the strength of the 2019 market will be dependent on the number of existing homeowners who are interested in selling, as inventory remains low. These existing owners are also impacted by the limited inventory and are hesitant to put their homes on the market because they're not readily finding their next housing option.
Our forecast is still for a 4% appreciation rate for 2019.
National & Regional
Existing-home sales rebounded in May, recording an increase in sales for the first time in two months, according to the National Association of Realtors®. Each of the four major U.S. regions saw a growth in sales, with the Northeast experiencing the biggest surge last month.The May increase of 2.5% from April represented a seasonally adjusted annual rate of 5.34 million in May. Total sales, however, are down 1.1% from a year ago (5.40 million in May 2018). First-time buyers were responsible for 32% of sales in May, unchanged from the prior month. Sales in the Northeast rose 4.7% while the regional MSP jumped 6.6% to $304,100.
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