10 West Hawaii Real Estate | August 18, 2017 Existing-Home Sales Retreat 1.8% in June Existing-home sales slipped in June as low supply kept homes selling at a near record pace but ultimately ended up muting overall activity, according to the National Association of Realtors®. Only the Midwest saw an increase in sales last month. Total existing-home sales1, https://www.nar.realtor/topics/ existing-home-sales, which are completed transactions that include single-family homes, townhomes, condominiums and co-ops, decreased 1.8 percent to a seasonally adjusted annual rate of 5.52 million in June from 5.62 million in May. Despite last month’s decline, June’s sales pace is 0.7 percent above a year ago, but is the second lowest of 2017 (February, 5.47 million). Lawrence Yun, NAR chief economist, says the previous three-month lull in contract activity translated to a pullback in existing sales in June. “Closings were down in most of the country last month because interested buyers are being tripped up by supply that remains stuck at a meager level and price growth that’s straining their budget,” he said. “The demand for buying a home is as strong as it has been since before the Great Recession. Listings in the affordable price range continue to be scooped up rapidly, but the severe housing shortages inflicting many markets are keeping a large segment of would-be buyers on the sidelines.” Added Yun, “The good news is that sales are still running slightly above last year’s pace despite these persistent market challenges.” The median existing-home price2 for all housing types in June was $263,800, up 6.5 percent from June 2016 ($247,600). Last month’s median sales price surpasses May as the new peak and is the 64th straight month of year-overyear gains. Total housing inventory3 at the end of June declined 0.5 percent to 1.96 million existing homes available for sale, and is now 7.1 percent lower than a year ago (2.11 million) and has fallen year-overyear for 25 consecutive months. Unsold inventory is at a 4.3-month supply at the current sales pace, which is down from 4.6 months a year ago. ProPerty Care “We provide personal care and check your home / condo while you’re away.” Jay V. Tubianosa VacationHouseCheck.com VHCIBR@gmail.com (808) 747-5819 DRYWALL CONTRACTOR Est. 2005 RESIDENTIAL • COMMERCIAL • TENANT IMPROVEMENT & REMODEL H Metal Stud Framing / T Bar Ceiling H Hang, Tape and Texture H Demo / Rubbish Removal 808-896-3739 • dih2001@hotmail.com Ashford Alices Owner • License #C-21983 ElEctrical NO JOB TOO SMALL FOR ALL YOUR ELECTRICAL NEEDS, WE WELCOME YOUR CALL. Ph/Fax: 325-1600 Cell: 936-0260 Lic.# C-24983 allphaseelectrical@hawaii.rr.com "Specializing in Solar Power Services" WAINANI ESTATES Brand New Custom Home A true family home. Open concept great room upstairs; bedrooms and additional family room downstairs. Enjoy coastline views and ocean breezes from two covered lanais and tons of windows. Big yard with room for a pool, too! • 4 Bedroom / 2.5 Bath • 2,342 sf Living Area • 18,555 sf Land Area • MLS 609029 $849,000 Starr Todd RS-69717 808.640.1893 or 808.327.1155 stodd@hawaii.rr.com Hawaiian Isle Real Estate, LLC RB-19005
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