CALLING ALL MOUNTAIN LOVERS! PICK YOUR SECLUSION 10.5 Ac Untouched forest. Build your Dream! MLS# 290363 $339,000 OR, 21 acs, 2/2+loft, when the ordinary just won’t do. MLS# 608089 $1,188,888 Dana M. Ching, RS-40634, GRI 808-989-6792 Existing-Home Sales Slide 1.3 Percent in July Listings in July typically went COOL ELEVATION! Upper Kona Palisades side street. 1,968 sf, split entry, 3 bedrooms, 2.5 baths, den, new carpet, ocean views, large yard. MLS#608730 EZ2C $575,000 Phyllis G. Sellens, PB, GRI, CRS, ePRO RB-10787 • 808-987-9225 MODERN PLANTATION! Newer 4 bed/3 bath home located in the Holualoa School District. Single level with over half acre of land and a view! MLS# 609760 $950,000 Erin C. Detwiler, RS-76700 808-557-9044 75-5737 Kuakini Hwy #102 • Kailua-Kona, Hi 96740 808-325-6526 | www.PScoHawaiiRealEstate.com NEW LISTING 8 West Hawaii Real Estate | September 1, 2017 under contract in under 30 days for the fourth consecutive month because of high buyer demand, but existing-home sales ultimately pulled back as large declines in the Northeast and Midwest outweighed sales increases in the South and West, according to the National Association of Realtors®. Total existing-home sales1, https:// www.nar.realtor/topics/existinghome sales, which are completed transactions that include single-family homes, townhomes, condominiums and co-ops, slipped 1.3 percent to a seasonally adjusted annual rate of 5.44 million in July from a downwardly revised 5.51 million in June. July’s sales pace is still 2.1 percent above a year ago, but is the lowest of 2017. Lawrence Yun, NAR chief economist, says the second half of the year got off on a somewhat sour note as existing sales in July inched backward. “Buyer interest in most of the country has held up strongly this summer and homes are selling fast, but the negative Kona Real Estate Management Joseph A. Garcia, BIC Christina Sotelo, BA 808-329-3121 www.konahomesandrentals.com “A small but professional father-daughter run company, (father licensed since 1972 and daughter since 2004) both Hawaii real estate brokers, specializing in long-term rentals, as well as listings and sales and home check services. Call us today for more details on how we may be of service to you.” RENTAL AVAILABLE Rental for Oct. 1st 3 bedroom/2 bath complete remodel $2400 electric, cable and trash not included. SOLD We are currently looking for more rental units to manage. Please call us for more information. 808-329-3121 KONA MANSIONS 1bd/1 bath real wood fl oors $180,000 KONA PARADISE Beautiful 3 bd/2 bath $425,000 NEW LISTING effect of not enough inventory to choose from and its pressure on overall affordability put the brakes on what should’ve been a higher sales pace,” he said. “Contract activity has mostly trended downward since February and ultimately put a large dent on closings last month.” The median existing-home price2 for all housing types in July was $258,300, up 6.2 percent from July 2016 ($243,200). July’s price increase marks the 65th straight month of yearover year gains. Total housing inventory3 at the end of July declined 1.0 percent to 1.92 million existing homes available for sale, and is now 9.0 percent lower than a year ago (2.11 million) and has fallen year-over-year for 26 consecutive months. Unsold inventory is at a 4.2-month supply at the current sales pace, which is down from 4.8 months a year ago. “Home prices are still rising above incomes and way too fast in many markets,” said Yun. “Realtors® continue to say prospective buyers are frustrated by how quickly prices are rising for the minimal selection of homes that fit buyers’ budget and wish list.” Properties typically stayed on the market for 30 days in July, which is up from 28 days in June but down from 36 days a year ago. Fifty-one percent of homes sold in July were on the market for less than a month. Inventory data from realtor.com® reveals that the metropolitan statistical areas where listings stayed on the market the shortest amount of time in July were Seattle-Tacoma-Bellevue, Wash., 28 days; San Jose-Sunnyvale- Santa Clara, Calif., 30 days; and Salt Lake City, Utah, and Vallejo-Fairfield, Calif., 31 days. “July was the fourth consecutive month that the typical listing went under contract in under one month,” said Yun. “This speaks to the significant pent-up demand for buying rather than any perceived loss of interest. The frustrating inability for new home construction to pick up means inadequate supply levels will keep markets competitive heading into the fall.” First-time buyers were 33 percent of sales in July, which is up from 32 percent both in June and a year ago. NAR’s 2016 Profile of Home Buyers and Sellers – released in late 20164 – revealed that the annual share of firsttime buyers was 35 percent. According to President William E. Brown, a Realtor® from Alamo, California, there’s a prominent misconception – especially among non-homeowners – that a down payment of at least 20 percent is needed to buy a home. “Every month this year, roughly 60 percent of buyers who financed their purchase with a mortgage made a down payment that was 6 percent or less5,” he said. “Potential buyers with solid employment and manageable levels of debt will find that there are mortgage options available. Talk to a lender to find out what you qualify for based on your savings and let that guide you as you begin your home search with a Realtor®.” According to Freddie Mac, the average commitment rate (link is external) for a 30-year, conventional, fixed-rate mortgage rose to 3.97 percent in July
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