Nationally home sales declined in January but the pace was higher than a year ago for the fourth straight month, according to the National Association of Realtors®. All major regions experienced declines in January, with the Northeast and West seeing the largest.
Penobscot County saw a slight decline with 122 single family homes sold in January compared to 132 for the same period last year.
The state of Maine, however, overall, showed a brisk increase for the month with 1776 sales compared to last years’ 1660.
Lawrence Yun, NAR chief economist, says the housing market got off to a somewhat disappointing start to begin the year with January closings down throughout the country. “January housing data can be volatile because of seasonal influences, but low housing supply and the ongoing rise in home prices above the pace of inflation appeared to slow sales despite interest rates remaining near historic lows.”
– Jon Dawson