Even larger than during the COVID lockdown.
Much larger than during the 2008 housing crash.
Pending Home Sales Have Their Largest Drop Ever.
Monthly Archives: November 2022
Price Increases Since COVID
It is amazing the price increase since COVID vs. a more normal price increase in the period before COVID.
Even if prices drop 20%, the price appreciation is still way over normal.
Oahu Condo Average Sales Price Increased by 16.2% From Oct. 2021
Single Family Sales Are Down 41.7% Compared to October Last Year.
First-Time Buyers At All-Time Low
The percentage of sales for first-time buyers is at the lowest level they have ever seen, according to the National Association of Realtors.
High home prices combined with high mortgage rates are making it very difficult for first-time buyers, so it is not surprising they are being held back from making a purchase.