Real estate activity in the state rose in the first quarter of 2014 but remained below pre-recession levels, according to an index first unveiled last year by the Maine Real Estate and Development Association. Residential activity accounted for much of the growth for the most recent period.
Here’s a look at the quarterly index and its component parts — construction, commercial and residential real estate — going back to its benchmark level in the first quarter of 2006.
The quarterly index uses multiple measures of activity in construction and commercial and residential real estate in Maine. Those segments are then weighted to generate the overall activity index. Commercial real estate accounts for 50 percent of that index, residential is 40 percent and construction 10 percent.
The rise in the index since last year has been driven largely by the residential segment of the index, a measure that factors in residential housing permits, mortgage originations, median price, and sales of existing homes.
The construction index was down from the first quarter of last year, as was the commercial real estate index, but both were higher for the first three months of this year than at the close of 2013.
For more detail on the makeup of each index, see the brochure for the 2014 Spring Index.