Maui Real Estate Statistics June 2022
Rising inflation, soaring home prices, and increased mortgage interest rates have combined to cause a slowdown in the U.S. housing market. To help quell inflation, which reached 8.6% as of last measure in May, the Federal Reserve raised interest rates by three quarters of a percentage point in June, the largest interest rate hike since 1994. Higher prices, coupled with30-year fixed mortgage rates approaching 6%, have exacerbated affordability challenges and rapidly cooled demand, with home sales and mortgage applications falling sharply from a year ago. New Listings increased 1.4 percent for Single Family homes but decreased 18.6 percent for Condominium homes. Pending Sales decreased 14.0 percent for Single Family homes and 53.6 percent for Condominium homes.
Inventory increased 0.7 percent for Single Family homes and 3.2 percent for Condominium homes. Median Sales Price increased 13.6 percent to $1,255,000 for Single Family homes and 34.3 percent to $832,500 for Condominium homes. Days on Market increased 2.8 percent for Single Family homes but decreased 42.1 percent for Condominium homes. Months Supply of Inventory increased
17.4 percent for Single Family homes and 25.0 percent for Condominium homes. With monthly mortgage payments up more than 50% compared to this time last year, the rising costs of homeownership have sidelined many prospective buyers. Nationally, the median sales price of existing homes recently exceeded $400,000 for the first time ever, a 15% increase from the same period a year ago, according to the National Association of REALTORS®. As existing home sales continue to soften nationwide, housing supply is slowly improving, with inventory up for the second
straight month. In time, price growth is expected to moderate as supply grows; for now, however, inventory remains low, and buyers are feeling the squeeze of higher prices all around.
Questions? Feel free to call or text Eric West at 808-298-2030