5 signs the real estate market is cooling in Maine

The BDN is exploring Maine’s housing disaster from every attainable angle, from how it affects home charges, to what it signifies for Mainers throughout the point out. Study our ongoing coverage here and fill out this kind to explain to us what you want to know.

Several key economic indicators are aligning in Maine and nationally that present the actual estate sector, which has been on a tear the earlier two yrs, is beginning to amazing.

Home rates are higher, but product sales in 2022 are predicted to be down about 9 per cent, typically for the reason that of a tight for-sale market, Lawrence Yun, main economist of the National Affiliation of Realtors, mentioned.

Increasing desire costs also are a variable. If 30-yr preset mortgage rates climb from the latest 5.48 per cent to 6 per cent, then sales action could fall by 15 percent, he mentioned.

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