Eric West Maui Real Estate Watch
U.S. sales of existing homes recently fell to a 13-year low, dropping 2.0% month-over-month and 15.4% year-over-year as of last measure, accordingto the National Association of REALTORS® (NAR), as surging interest rates and elevated sales prices continue to make homeownership unaffordable for many prospective buyers. Purchase activity is down significantly compared to this time last year, but rising interest rates are also keeping many current homeowners from selling, causing inventory to remain at historically low levels nationwide. New Listings decreased 7.0 percent for Single Family homes but increased 6.5 percent for Condominium homes. Pending Sales increased 1.9 percent for Single Family homes but decreased 10.9 percent for Condominium homes. Inventory decreased 13.9 percent for Single Family homes but increased 34.4 percent for Condominium homes. Median Sales Price increased 18.0 percent to $1,269,025 for Single Family homes and 4.4 percent to $835,000 for Condominium homes. Days on Market decreased 8.5 percent for Single Family homes but increased 35.7 percent for Condominium homes. Months Supply of Inventory increased 11.1 percent for Single Family homes and 133.3 percent for Condominium homes. Total housing inventory going into October was at 1.13 million units, up 2.7% from the previous month but down 8.1% compared to the same time last year, for a 3.4 months’ supply at the current sales pace, according to NAR. The shortage of homes for sale is making it harder for buyers to find a home to purchase while at the same time pushing sales prices higher nationwide, with the median existing-home sales price rising 2.8% annually to $394,300, the third consecutive month of year-over-year price increases.
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