Pending Home Sales Strengthen 3.5 Percent in October sixth time in seven months,” he said. “Home shoppers had better luck finding a home to buy in October, but slim pickings and consistently fast price gains continue to frustrate and prevent too many would-be buyers from reaching the market.” According to Yun, the supply and affordability headwinds seen most of the year have not abated this fall. Although homebuilders are doing their best to ramp up production of single-family homes amidst ongoing labor and cost challenges, overall activity still drastically lags demand. Further exacerbating the inventory scarcity is the fact that homeowners are staying in their homes longer. NAR’s 2017 Profile of Home Buyers and Sellers – released last month – revealed that homeowners typically stayed in their home for 10 years before selling (an all-time survey high). Prior to 2009, sellers consistently lived in their home for a median of six years before selling. “Existing inventory has decreased every month on an annual basis for 29 consecutive months, and the number of homes for sale at the Purchase, Refi nance, and Reverse Mortgage Loan Options Hi - 217406 PHONE: (808) 327-0404 BARBARA A. WELSH Cell: (808) 960-3457 Mortgage Broker/Owner Hi - 224003 barbara@apexmortgagehawaii.com 76-6225 Kuakini Hwy. C-106 apexmortgagehawaii.com Kailua-Kona, Hawaii 96740 Thinking of Vacation Renting? Not all management companies are created equal. Call today - to fi nd out the differences com westhawaiitoday.OFFICE NOW OPEN IN MAUNA LANI (808) 329-2140 Mauna Lani Offi ce Kailua Kona Offi ce 68-1330 Mauna Lani Dr 74-5565 Luhia St, Suite 101 www.konacoastvacations.com 10 West Hawaii Real Estate | December 8, 2017 Pending home sales rebounded strongly in October following three straight months of diminishing activity, but still continued their recent slide of falling behind year ago levels, according to the National Association of Realtors. All major regions except for the West saw an increase in contract signings last month. The Pending Home Sales Index,* www.nar.realtor/pending-home-sales, a forward-looking indicator based on contract signings, rose 3.5 percent to 109.3 in October from a downwardly revised 105.6 in September. The index is now at its highest reading since June (110.0), but is still 0.6 percent below a year ago. Lawrence Yun, NAR chief economist, says pending sales in October were primarily driven higher by a big jump in the South, which saw a nice bounce back after hurricane-related disruptions in September. “Last month’s solid increase in contract signings were still not enough to keep activity from declining on an annual basis for the (808) 326-1966 Over 200 Fabrics to Choose From • Custom Upholstery • Great Selection of Upholstered Sofas • Local Business & Owners Kona Real Estate Management Property management of long term rentals and home check services. A small but professional father-daughter run company that are both licensed brokers and treat your property like their own. 808-329-3121 www.konahomesandrentals.com Joseph A. Garcia BIC Christina Sotelo BA PASSION ~ INTEGRITY ~ COMMITMENT 75-167 Kalani St. Suite 200 Kailua-Kona, HI 96740 Phone: 808-657-0188 Cell: 808-443-1668 Jamaica Cañas Mortgage Broker/Owner NMLS #1006771 We specialize in Home Purchases & Refi nances www.TrustedHomeLoansHi.com jamaica@trustedhomeloanshi.com NMLS #1599951 Wrap Up The Year With A New Look! 74-5605 Luhia St. 8 Suite C-1 • Kailua-Kona, HI 96740 end of October was the lowest for the month since 1991,” said Yun. “Until new home construction climbs even higher and more investors and homeowners put their home on the market, sales will continue to severely trail underlying demand.” With two months of data remaining for the year, Yun forecasts for existing-home sales to finish at around 5.52 million, which is an increase of 1.3 percent from 2016 (5.45 million). The national median existing-home price this year is expected to increase around 6 percent. In 2016, existing sales increased 3.8 percent and prices rose 5.1 percent. The PHSI in the Northeast inched forward 0.5 percent to 95.0 in October, but is still 1.9 percent below a year ago. In the Midwest the index increased 2.8 percent to 105.8 in October, but remains 0.9 percent lower than October 2016. Pending home sales in the South jumped 7.4 percent to an index of 123.6 in October and are now 2.0 percent higher than last October. The index in the West decreased 0.7 percent in October to 101.6, and is now 4.4 percent below a year ago. The National Association of Realtors, “The Voice for Real Estate,” is America’s largest trade association, representing 1.3 million members involved in all aspects of the residential and commercial real estate industries. More news, more savings, more often. 329-2644
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