“The rapid rise in interest rates is causing buyers to change tack and reevaluate their budgets and what they’re looking for in a home,” said Chad Takesue, president of the Honolulu Board of REALTORS®. “New listings are spending more time on the market compared to the frenzy in activity we witnessed last year. Sellers are also … Read more
Thanks to the 4 Realtors on my team, our 5 person Client Care Team, and all our past clients, I am on the cover of the July 2022 Real Producers. I am also happy we saved 320 sellers $4,532,220 in Real Estate commissions using our $3,500 Flat Fee Selling option. Thanks to Chris Wirsing and … Read more
This chart shows two things well. One is prices do not go up every year. After the sharp increase that peaked around 1991, you can see we went to 2003 before prices hit that 1991 price again, so over 10 years of prices not increasing. Two is the current up trend is a lot steeper … Read more
According to Mortgage News Daily, today’s rate hit 6.28%. I know that sounds high but check out the 18.53% rate in October of 1981. Hopefully, inflation will start to go down without the radical increase in the interest rates that we saw in the 70s and early 80s. Keep in mind we are more sensitive … Read more
Active Single Family inventory is up 39.8% from a year ago. Single Family homes from $600,000 to $999,999 sales dropped 41.2% compared to one year ago. Two red flags that are screaming this market is changing.
This market has to slow down. It can’t sustain a 19.1% increase every year like it had this year for April.
The first quarter of 2022 closed with new record median sales prices for both single-family homes and condos at $1,150,000 and $515,500, respectively. In March, single-family home sales fell 11.1% year-over-year, while the condo market sales volume remained strong with a 7.3% rise compared to March last year. “More luxury sales coupled with declining affordable … Read more
The local market stats just came out today I see some areas having less closed sales and a lower median sale price. Perhaps that is a sign the market is cooling a bit which is really needed.
This survey was conducted by mortgage giant Fannie Mae. They started this survey back in 2010, after the big 2008 housing crash. We have been on a long-time upward slope of home prices as shown by the above graph of the Case-Shiller U.S. National Home Price Index.
2022 began with a sharp jump in both single-family home and condo sales – combined, O‘ahu’s housing market saw a 28.6% sales increase compared to January 2021. While the single-family home median sales price held steady for the third consecutive month at $1,050,000, the condo market set a new monthly median sales price record of $510,000, surpassing … Read more