Maine home sales finally increased in February, but so did prices [Video]

Maine home sales increased year over year last month, ending a more than two-year slump of declining sales.

It’s a positive sign that the low inventory that has held the housing market in a vice-grip may be easing, but February sales were still too low for comfort and real estate experts say Maine’s not in the clear just yet.

Just 789 houses changed hands last month, an 11.4% increase from the 708 in February 2023, according to data released Thursday by the Maine Association of Realtors.

Despite the change in sales trajectory, prices continued their steady rise, closing out last month at a median of $354,000, a 7.5% increase from the same month last year.

Paul McKee, president of the Maine Association of Realtors, celebrated the end of 31 months of year-over-year declines and said listing activity has started to increase – something that usually doesn’t happen until March or …