After 13 consecutive months of rising prices, the median sales price of a single-family home dropped for the first time. The 1.6% year-over-year decline is only the fourth time in more than three years single-family home prices have taken a break from its otherwise upward climb.
Single-family homes are going into escrow after a median of 14 days on the market, according to the latest stats compiled by the Honolulu Board of Realtors in May.
Despite a rise in mortgage interest rates and an uptick in new listings, the median sales price of a single-family home was up 10.9% last month, compared to April 2017.
Low inventory and rising prices continued into March, as reflected by the latest figures released by the Honolulu Board of Realtors this week.
While the island continues to faces a huge inventory drought, there’s no shortage of homebuyers eager to jump into the market this spring.
Prices are up. The number of single-family home sales is up. Days-on-the-market is shorter and months-of-inventory-remaining is scant.
The annual percent increase in prices was a modest, healthy, and stable rise — single-family home prices up 2.7%, and condos gained 3.8%.
Year-to-date prices, sales volume, days on the market, and sales pending — all exceed the pace set in 2016.
Median prices of single-family homes and condos continue to trend upward.
Prices are on the rise, but not too fast — at a healthy rate. These are not boom-level indicators, but reflect modest, sustainable increases, based upon solid economic rationales.
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