While home sales trended lower nationally, the Pending Home Sales Index for the Northeast Region rose 1.3 percent in August and is now 5.9% above a year ago.
Lawrence Yun, Chief Economist for the National Association of Realtors said that a new NAR study revealed single family construction is not keeping pace with job creation and is lacking overall in 80% of measured metro areas.
Yun said, “Contract activity slackened through out the country in August except for in the Northeast,, where higher inventory totals are giving home shoppers greater options and better success signing a contract.
Following the August decline Yun expects existing home sales in 2016 to be around 5.36 million, a 2.1 percent increase from 2015 and the highest annual pace since 2006. The national median existing home price growth is forecast this year to rise by around 4 percent.
Penobscot County home sales year to date surged by 21% compared to last year with 3332 homes sold for a total value of $428 million which was a dollar increase of 32%.
Sean Becketti, chief economist, Freddie Mac said the 5-year Treasury-indexed adjustable-rate mortgage (ARM) averaged 2.80 percent this week with an average 0.4 point, down from last week when it averaged 2.81 percent. A year ago, the 5-year ARM averaged 2.88 percent.


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