Home » Bangor » Area Single-family Home Sales Brisk

Area Single-family Home Sales Brisk

Nationally single-family home sales fell 7.2 percent to an annual rate of 4.51 million in February from 4.86 million in January, but are still 2.0 percent higher than the 4.42 million pace a year ago. The median existing single-family home price was $212,300 in February, up 4.3 percent from February 2015.
February existing-home sales in the Northeast descended 17.1 percent to an annual rate of 630,000, but are still 5.0 percent above a year ago.
According to Lawrence Yun, chief economist for the National Association of Realtors (NAR) said, “The overall demand for buying is still solid entering the busy spring season, but home prices and rents outpacing wages and anxiety about the health of the economy are holding back a segment of would-be buyers.
Maine single family home sales in January and February outpaced last year’s numbers with 1794 homes sold, sixteen percent over the same period in 2015.
The trend was even more dramatic for single family home sales in Penobscot County up over 20% for the first two months of this year.
Leading the pack was the Bangor Area which includes Bangor, Brewer, Hamden, Hermon, Holden, Glenburn, Orono, Old Town and Veazie with January and February with 97 home sales, 40% above the same period last year.
Area Realtors expect the recent decline in mortgage rates to 3.66 percent will have a positive impact for home sales in 2016.

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