October Real Estate Sales Update
Results Mixed Depending Upon Location
Across the US, home sales increased in October for the second straight month and eclipsed June's cyclical sales peak to become the highest annualized pace in nearly a decade, according to the monthly report prepared by NAR. All major regions of the country experienced monthly and annual sales increases in October.
Total existing home sales grew 2.0% to a seasonally adjusted annual rate of 5.60 million in October from an upwardly revised 5.49 million in September. October's sales pace is 5.9% above a year ago (5.29 million) and surpasses June's pace (5.57 million) as the highest since February 2007.
October existing-home sales in the Northeast climbed 1.4% to an annual rate of 750,000, and are now 1.4% above a year ago. The median price in the Northeast was $255,500, which is 2.9% above October 2015.
Maine Sales Results
Maine home sales in October were 4.4% ahead of 2015 while year-to-date results are up 10.6%, exceeding both regional and national results –and are poised to establish a new annual record. The median selling price of $192,500 in October represented the fifth time in 2016 that the $190,000 threshold was exceeded and the YTD price of $189,900 is 4.9% ahead of last year.
In Cumberland County, the sales results continued to be mixed. Many communities in the greater Portland area continue to experience YTD sales decreases compared to 2015, and as a result overall single-family homes sales are only up .9% in 2016 vs 2015. The chart below highlights many nearby communities through October. As a point of contrast, sales in York county have been above 2015 results for the last four months and 9 out of 10 so far this year.
The median selling price, however, while declining the last two months, is still 6.3% ahead of last year – well above the national average. In all but two communities that we track regularly, 2016 prices are above 2015.
Homes priced above $500,000 were up 27.9% in October compared to the same month of 2015 and are up 12.2% year-over-year. Interestingly, pricing in this segment is down 1.3%.