Category Archives: Economy

Prices Dropping

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In April 2023, the median sales price for single-family homes in Maui County dropped from $1.24 million to $1.1 million, however fewer homes were sold as a result of fluctuating mortgage rates. The median sales price for condominiums, meanwhile, jumped from $820,000 a year ago to $877,000 today. April saw a 2.4 percent national reduction in existing-home sales, and a monthly decline of 5.2 percent in pending sales. The housing supply in Maui County has, nevertheless, been trending higher over the previous 12 months. In April, Wailuku saw the most number of single-family house sales, and Kihei saw the greatest number of condo sales.

To read the entire article via The Maui News here.

Condo Prices Average

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Oahu condo average price info for March 2023 reported by Howard Dicus KHNL.

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Monthly Indicators

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March 2023 Monthly Indicators:

  • Existing home sales increased 14.5% month-over-month, the largest gain since July 2020, due to contracts signed at the beginning of the year when mortgage rates dipped.
  • Pending sales improved for the third consecutive month.
  • New listings decreased significantly for both single-family and condominium homes.
  • Inventory increased for both single-family and condominium homes.
  • Median sales price increased for single-family homes but decreased for condominium homes.
  • Days on market increased for both single-family and condominium homes.
  • Months supply of inventory increased significantly for both single-family and condominium homes.
  • Limited inventory nationwide has put downward pressure on sales prices, and national home prices were lower year-over-year for the first time in over a decade.

FOR MORE INFORMATION REGARDING STATS CONTACT US AT:  dad@MauiRealEstate.net

Mortgage Rates Fall

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Mortgage rates fell this week, boosting the housing market’s recovery. The 30-year fixed-rate mortgage averaged 6.32% for the week ending March 30, according to Freddie Mac. As major housing indicators improve, borrowing costs are heading down. However, limited housing options will likely hinder some potential buyers this spring. Baby boomers, who own homes and have more wealth than younger generations, are now the top homebuying force in America.

Tourism Spending

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Tourists almost back to pre-pandemic levels. Per Howard Dicus this morning on the news he stated that in February over $1.6 billion was spent by tourists.