For comparison, in the 2008 crash, prices declined 27%. According to Moody’s, Oahu is up to 25% overvalued as mortgage rates go above 7%. Every day sellers ask me if now is the time to sell or should they wait. I say sell now because the market could be a lot lower going forward.
Congratulations to all homeowners on Oahu!
The Case Shiller Home Price Index MoM just had its biggest drop since 2012. Hopefully, it won’t drop like it did in 2008.
Hawaii News Now asked me to get some custom statistics for their 10 pm top story about the latest Fed rate hike. I was able to pull together some interesting stats that show a huge drop in the sold over asking by month and a huge increase by month in sellers dropping their price. I … Read more
“The 30-year fixed mortgage rate hit the six percent mark for the first time since 2008 – rising to 6.01 percent – which is essentially double what it was a year ago,” MBA Associate Vice President of Economic and Industry Forecasting Joel Kan said in a news release.
More than 300 single-family homes and more than 500 condos sold in August, which is near pre-pandemic annual average closed sales per month for single-family homes and above average for condos. Median sales prices remained on pace with recent months, with August’s single-family home median sales price rising 7.2% year-over-year to $1,125,500 and the condo … Read more
This article in Hawaii Business Magazine about prices dropping uses some quotes and stats I provided.
We are definitely feeling the 23% drop in sales in both Single Family and Condos. It is not as easy for sellers now.
This is an interesting chart that shows even the COVID downturn was not too bad, and right after that, the market increased dramatically. You can see we have not had any serious downturns since the 2008 crash.