Maine home sales increased again in March and prices neared historic highs [Video]

Maine home sales increased for the second consecutive month in March even as the median sales price neared a historic high, dampening hopes that a loosening of the inventory squeeze would put downward pressure on prices.

March saw the early arrival of the busy spring real estate market with more homes hitting the market and continued strong buyer demand, but professionals worry that as the season heats up, prices could become untenable.

Just 888 houses changed hands last month, a 3.5% increase from the 858 sold in March 2023, according to data released Thursday by the Maine Association of Realtors.

Despite another month of increased sales, prices continued their steady rise, closing out last month at a median of $380,000, a 12.6% increase from the $337,500 median in March 2023.

Paul McKee, president of the Maine Association of Realtors, celebrated the second month of sales increases after a 31-month run of decreasing sales, …