5 signs the real estate market is cooling in Maine

The BDN is discovering Maine’s housing disaster from each attainable angle, from how it has an effect on property rates, to what it signifies for Mainers throughout the condition. Read our ongoing coverage here and fill out this form to tell us what you want to know.

Quite a few key economic indicators are aligning in Maine and nationally that show the serious estate market place, which has been on a tear the previous two several years, is starting off to neat.

House selling prices are higher, but product sales in 2022 are predicted to be down about 9 percent, mainly because of a limited for-sale marketplace, Lawrence Yun, chief economist of the Countrywide Association of Realtors, reported.

Increasing interest rates also are a variable. If 30-year preset mortgage rates climb from the recent 5.48 {d4d1dfc03659490934346f23c59135b993ced5bc8cc26281e129c43fe68630c9} to 6 per cent, then revenue exercise could drop by 15 p.c, he stated.