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.
Tag Archives | Real Estate Market Update
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.
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.
Condo sales are up 19.5% in August — an indicator that condos and townhouses remain an attractive alternative to single-family homes for homebuyers desiring a more affordable price point.
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