Maine’s real estate market continues to cool off.

July marked another month of slower home sales in the state.

According to figures released Thursday by the Maine Association of Realtors, home sales declined by more than 15 percent last month compared to july 2021.

Real estate experts tell the Portland Press Herald that low inventory and higher interest rates were among the contributing factors.

Last month, there were 30 percent fewer homes for sale than in July 2021.

The statewide median sales price for homes sold last month was $354,000, down from June’s median price of about $361,000.