Maui Real Estate Statistics July 2022
The U.S. housing market has continued to cool, as rising mortgage rates and record-high sales prices have stifled affordability, weakening demand and pricing out a multitude of buyers. Nationally, median household income has failed to keep pace with increasing mortgage payments, with the costs of buying a home about 80% more expensive now than they were just three summers ago, according to the National Association of REALTORS® (NAR). As more and more prospective buyers find their home purchase plans delayed, many are turning to the rental market, where competition has intensified due to increased demand. New Listings decreased 38.7 percent for Single Family homes and 16.9 percent for Condominium homes.
Pending Sales decreased 41.7 percent for Single Family homes and 39.5 percent for Condominium homes. Inventory increased 6.5 percent for Single Family homes and 41.5 percent for Condominium homes. Median Sales Price increased 5.0 percent to $1,102,500 for Single Family homes and 11.0 percent to $789,500 for Condominium homes. Days on Market decreased 5.4 percent for Single Family homes and 36.7 percent for Condominium homes. Months Supply of Inventory increased 33.3 percent for Single Family homes and 77.8 percent for Condominium homes. At a time of year when homebuying activity is typically very strong, soaring homeownership costs have caused home sales to decline nationwide for the fifth consecutive month, with existing-home sales falling 5.4% month- to-month and 14.2% year-over-year as of last measure, according to NAR. But there is a bright spot. Inventory of existing homes has continued to climb this summer, with 1.26 million homes available at the beginning of July, equivalent to a 3 months’ supply. And despite the summer slowdown homes are still selling quickly, with the typical home staying on market an average of 14 days.
Now is still an excellent time to buy or sell a Property on Maui. Please call or text Eric West at 808-298-2030 to find out what your property is worth or for a free buyers consultation.