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Maine home sales continue to surge amid low inventory

December 26, 2020 GMT

AUGUSTA, Maine (AP) — Maine home sales increased by more than 30% in November compared to the previous year as home prices continued to climb as well.

The Maine Association of Realtors said 1,965 single-family existing homes changed hands last month. Values also increased 20% to a median sales price of $270,000, the association said.

The realtors association said low for-sale inventory played a role in driving real estate sales and prices. The association said 2020 sales are running almost 8% ahead of figures for last year, which was the strongest year for home sales in the history of the state.

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Every county in the state experienced an increase in home sales this fall. Sales of existing homes also increased at the national level in November, though by a slightly lower percentage.