Favorable interest rates for home buyers continue to fuel consumer demand for homes in the greater Bangor Area and across the state. Most lender report the rate for a 30 year mortgage at 4%.
There were 140 single family homes sold in the Bangor Area (Bangor, Brewer, Hampden, Holden, Hermon, Glenburn, Orono, Old Town and Veazie) this October compared to 142 for the same period last year. The median sale price of the homes sold decreased from last year by 4.4% to $142,360.
During the same period sales reported for the State of Maine reached $840 million compared to $832.3 million last October with the median sale price rising by 6.3% to $188,000.
The median sale price for a single family home in Maine for October 2005 was $197,900.