Maui Real Estate Statistics September 2022

Maui Real Estate Statistics September 2022

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The U.S. real estate market continues to slow as we move into fall, as rising consumer prices and higher mortgage interest rates squeeze homebuyer budgets and cool activity. With inflation showing little sign of abating, the Federal Reserve implemented another 75-basis-point hike in September, marking the third such rate increase this year. The cost of borrowing has reached multi-year highs on everything from credit cards to auto loans in 2022 as mortgage interest rates topped 6% for the first time since 2008, causing existing home sales to decline for the seventh consecutive month. New Listings decreased 39.3 percent for Single Family homes and 52.7 percent for Condominium homes. Pending Sales decreased 30.7 percent for Single Family homes and 36.0 percent for Condominium homes. Inventory increased 7.8 percent for Single Family homes and 9.7 percent for Condominium homes. Median Sales Price increased 3.0 percent to $1,025,000 for Single Family homes and 9.7 percent to $800,000 for Condominium homes. Days on Market increased 10.7 percent for Single Family homes but decreased 31.5 percent for Condominium homes. Months Supply of Inventory increased 45.0 percent for Single Family homes and 50.0 percent for Condominium homes. Affordability challenges have priced many buyers out of the market this year, and buyers who do succeed in purchasing a home are finding that the costs of homeownership have increased significantly, with monthly mortgage payments more than 55% higher than a year ago, according to the National Association of REALTORS®. Inventory remains lower than normal, and as the market continues to shift, experts project homes will begin to spend more days on market and price growth will slow in the months ahead.

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Please call or text Eric West at 808-298-2030 to "Talk Story" about Maui Real Estate. Shoots!

Mahalo!

Eric