Is the tide turning?

We’ve been very encouraged by the recent data being reported from many housing industry and employment sources: Maine Association of REALTORS, National Association of Builders and Maine Department of Labor.

According Maine Association of REALTORS (MAR), the Maine median home price was up 1.74% in September compared to last year.  Currently there are 146 homes under contract in Falmouth, Cumberland, Yarmouth, North Yarmouth, Gorham, Windham and Scarborough.  The listing price range for these homes is $119,900 to $1,750,000.  896 homes in those towns have sold since the first of the year compared to 861 homes last year. 

Builder confidence in the market for newly built, single-family homes also has improved slightly in November, according to the National Association of Home Builders/Wells Fargo Housing Market Index (HMI), released today. The HMI rose one notch to 16 from a downwardly revised level of 15 in the previous month.

“Though the gains have been incremental, the fact that builder confidence has improved over the past two months is encouraging,” said NAHB Chairman Bob Jones, a home builder from Bloomfield Hills, Mich.

Probably the most encouraging news for any industry are the unemployment numbers.  According the Maine Department of Labor, Maine has 6.5 % unemployed compared with United States rate of 9.2% in September of 2010.  In 2009, Maine had 7.4% unemployed compared with U.S. rate of 9.5%.

What does this all mean? The Maine housing industry isn’t out of the woods yet, but the news is encouraging and we’ll take that over the doom and gloom of the past.

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About Home Construction, Inc.

Maine's custom home builder since 1991. Specializing in custom homes, additions, major renovations & remodeling. Distinctive neighborhoods located throughout Southern Maine and the Lakes Region including Falmouth, Gorham, Scarborough, Raymond, Casco, Windham, South Portland & more.
This entry was posted in Housing Industry, Housing Trends, November 2010 and tagged , , , , , , , . Bookmark the permalink.

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