SOUTH PORTLAND (September 24, 2009)—Maine’s single-family home sales have increased for a third consecutive month. Statistics released today by the Maine Real Estate Information System, Inc. (MREIS) show Realtors sold 1,050 homes in August 2009, up 9.95 percent from August 2008. The median sales price (MSP) decreased 9.56 percent to $162,800 comparing same month in 2008. This reflects the continued increase in first time buyer home sales. The median sales price indicates that half of the homes were sold for more and half sold for less.

According to the National Association of Realtors (NAR), single-family home sales are up 2.5percent nationwide. The national MSP fell 12.1 percent to $177,500 in August. Regional sales in the Northeast increased 5.8 percent during the past 12 months; the regional MSP of $241,100 reflects a decline of 10.5 percent.

“The $8,000 tax credit helped bring more buyers into the market and we are seeing increased activity, mostly in the $300,000 and under range,” said Joan Chrane of RE/MAX Riverside in Topsham. “We are still seeing short sales and foreclosures, which we need to work through in order to return to any normalcy. FHA financing has become popular because of lower down payment requirements. There are so many opportunities in the market place now.”