As pending home sales have dropped lower than the 2008 housing crash, it is an excellent time to revisit what happened in 2008, as it seems we are going there again. In June 2007, the median Single Family Home price on Oahu was $685,000. It went down and did not recover to $685,000 until December … Read more
Even larger than during the COVID lockdown. Much larger than during the 2008 housing crash.
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.
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Investors seem to think so based on the 1-year stock declines for the biggest Real Estate public companies.
Many feel Oahu is so desirable that the median price of homes will not decrease. While I agree it is a great place to live, we have periods of falling prices. As shown in this chart, we have had some drops, one over a 10-year period. The question is whether the current mortgage rate increases … Read more
Sales are definitely cooling. 34.4% less than last September, and the average days on market has doubled for Single Family. Surprisingly, the median price is still up, but if the sales continue this slow down at some point, I expect the median price to drop too.