SOUTH PORTLAND (August 25, 2008)—Sales of single-family existing homes in Maine

slowed by 17.24 percent last month. According to the Maine Real Estate Information System,

Inc. (MREIS), 1,032 homes changed hands in July 2008, down from 1,247 homes sold in July

of last year.

The statewide median sales price dipped 3.52 percent to $192,000 in July. The median sales

price indicates that half of the homes were sold for more and half sold for less.

Real estate sales across the country were down 12.4 percent. Statistics released by The

National Association of Realtors (NAR) indicate a national median sales price of $210,900—a

decrease of 7.7 percent over the past 12 months.

NAR reported a regional sales dip of 11.8 percent for the Northeast. The regional median

sales price was down 4.9 percent to $278,700.

Jeff Wooster, broker and owner of Lynam Real Estate Agency in Bar Harbor says, “The

challenge facing real estate today is that too many people got hung up on the investment

capabilities of real estate. The primary function of real estate is a home.

“Traditionally, not only did real estate provide shelter, but in many instances it increased

dramatically in value by the time the owners were ready to change their lifestyle. Under those

circumstances, in most instances, real estate is still a great long-term investment. Short-term

ownership or ‘flipping’ properties totally changes the dynamics of real estate.”

Below are two charts showing statistics for Maine and its 16 counties. The first chart lists

statistics for the month of July only, statewide. The second chart compares the number of

existing, single-family homes sold (units) and volume (MSP) during the months of May, June

and July of 2007 and 2008.

See the July Statistics Chart @

http://www.mainerealtors.com/MaineHousingReport-July2008.pdf