Mixed Results in Home Sales Across the US

Maine's real estate market is experiencing tight inventory and monthly double-digit price increases, resulting in a decline in total sales. The total dollar volume of residential sales dropped almost 21% from January to April compared to the same period last year, primarily due to a shortage of homes on the market. Land sales decreased the most, almost 35%, with the value of those sales falling by the same percentage. High mortgage rates, inflation, and economic uncertainty have made it challenging for buyers, and the tight market is hurting prospective buyers as they lose out in competition for homes.