The median price of single-family homes in Knox County is down from its record high of the summer yet still at the highest point for this late in a year.

The number of sales continues to fall, according to a news release issued Friday, Nov. 18 by the Maine Association of Realtors.

Higher mortgage rates are considered to be the largest factor for the decline in sales. Rates have more than doubled this year, now averaging about 7 percent.

The median sale price for the past three months (Aug. 1 through Oct. 31) in Knox County was $393,700. This is up from $370,000 during the same period in 2021, $295,000 in 2020, $239,000 in 2020.

The median price is down from the record of $437,500 reached from May through July 2022.

The number of sales during the past three months totaled 161. This is down from 207 in 2021, 269 in 2020, 184 in 2019, 185 in 2017 and 177 in 2016.

The median price in Knox County was well above the statewide median of $335,000.

“After a two-year streak of double-digit pricing increases, we’re finally seeing some relief,” said Madeleine Hill, 2022 President of the Maine Association of Realtors and designated broker at Roxanne York Real Estate in Harpswell in a news release.

“While demand remains steady for Maine’s tight for-sale inventory, increased mortgage interest rates have impacted the market,” added Hill. “Buyers who need to finance their home have less purchasing power, and the recent pricing  deceleration indicates that sellers are adjusting.

“Sales volume last month outpaced the number of homes coming onto the market, and for-sale inventory remains tight with 8 percent fewer homes on the market in October 2022 compared to September 2022 – and 58 percent fewer homes for sale than pre-pandemic October 2019.”