PAINTING Rumley Contruction, LLC Specializing in Hawaii Customer Service Since 1978 FREE ESTIMATES *Non Smoking Crew* Remodeling and Painting Office 808-937-4170 • Mobile 808-896-4434 rumleyconstruction@yahoo.com CLEANING SCHEM’S Royal Cleaning Let Us Do Your Dirty Work! Hudson Hebel Proprietor Please Call 808-209-0554 Professional Services • Commercial • Residential • Move In/Move Out • Events DRYWALL CONTRACTOR Metal Stud Framing / T Bar Ceiling Hang, Tape and Texture Demo / Rubbish Removal GATES Custom Railing Systems-Aluminum-Stainless-Glass & Cable Design-Materials-Installation Fencing & Custom Gates www.railingsystemshawaii.com btremain@railingsystemshawaii.com Bob Tremain Licensed C-25912 73-4272 Hulikoa Dr. Kailua-Kona, HI 96740 Cell: 808-938-9526 FURNITURE FURNITURE NEW & NEARLY NEW • UPHOLSTERY • We buy, sell & trade 329-4477 74-5490 Kaiwi St. Kailua-Kona by Ace Hardware Ph. (808) 325-6105 CONCRETE/MASONRY CONSTRACTOR MEAD’S MASONRY Concrete & Masonry in all phases House Foundation Slabs Driveways Hollow Tile Walls Rock Walls Concrete & Asphalt Repairs 808.325.5460 • 808.937.5790 RICHARD E. MEAD, JR. meadsmasonry@gmail.com Proudly Serving KONA for over 30 Years! RESIDENTIAL • COMMERCIAL • TENANT IMPROVEMENT & REMODEL 808-896-3739 • dih2001@hotmail.com Ashford Alices Owner • License #C-21983 West Hawaii Real Estate | May 25, 2016 15 Despite ongoing inventory shortages and faster price growth, existinghome sales sustained their recent momentum and moved higher for the second consecutive month, according to the National Association of Realtors. A surge in sales in the Midwest and a decent increase in the Northeast offset smaller declines in the South and West. Total existing-home sales, which are completed transactions that include single-family homes, townhomes, condominiums and co-ops, rose 1.7 percent to a seasonally adjusted annual rate of 5.45 million in April from an upwardly revised 5.36 million in March. After last month’s gain, sales are now up 6.0 percent from April 2015. Lawrence Yun, NAR chief economist, says April’s sales increase signals slowly building momentum for the housing market this spring. “Primarily driven by a convincing jump in the Midwest, where home prices are most affordable, sales activity overall was at a healthy pace last month as very low mortgage rates and modest seasonal inventory gains encouraged more households to search for and close on a home,” he said. “Except for in the West — where supply shortages and stark price growth are hampering buyers the most — sales are meaningfully higher than a year ago in much of the country.” The median existing-home price for all housing types in April was $232,500, up 6.3 percent from April 2015 ($218,700). April’s price increase marks the 50th consecutive month of year-over-year gains. Total housing inventory at the end of April increased 9.2 percent to 2.14 million existing homes available for sale, but is still 3.6 percent lower than a year ago (2.22 million). Unsold inventory is at a 4.7-month supply at the current sales pace, up from 4.4 months in March. “The temporary relief from mortgage rates currently near three-year lows has helped preserve housing affordability this spring, but there’s growing concern a number of buyers will be unable to find homes at affordable prices if wages don’t rise and price growth doesn’t slow,” adds Yun. According to Freddie Mac, the average commitment for a 30-year, conventional, fixed-rate mortgage fell from 3.69 percent in March to 3.61 percent in April, which is the lowest since May 2013 (3.54 percent). The average commitment rate for all of 2015 was 3.85 percent. Properties typically stayed on the market for 39 days in April (47 days in March), which is unchanged from a year ago but the shortest duration since June 2015 (34 days). Short sales were on the market the longest at a median of 120 days in April, while foreclosures sold in 51 days and nondistressed homes took 37 days. Fortyfive percent of homes sold in April were on the market for less than a month — the highest since June 2015 (47 percent). “Looking ahead, with demand holding steady and supply levels still far from sufficient, the market for entry-level and mid-priced homes will likely continue to be the most competitive heading into the summer months,” says Yun. The share of first-time buyers was 32 percent in April, up from 30 percent both in March and a year ago. First-time buyers in all of 2015 also represented an average of 30 percent. At the recent Realtors Legislative Meeting & Trade Expo, U.S. Housing and Urban Development Secretary Julian Castro announced beneficial changes to FHA condo rules, which could help many first-time buyers, are moving forward and are currently at the Office of Management and Budget for review. All-cash sales were 24 percent of transactions in April, down from 25 percent in March and unchanged from a year ago. Individual investors, who account for many cash sales, purchased 13 percent of homes in April (matching the lowest share since October 2015), down from 14 percent in both in March and a year ago. Sixty-nine percent of investors paid cash in April. Distressed sales — foreclosures and short sales — declined for the second straight month to 7 percent in April, down from 8 percent last month and 10 percent a year ago. Five percent of April sales were foreclosures and 2 percent were short sales. Foreclosures sold for an average discount of 17 percent below market value in April (16 percent in March), while short sales were discounted 10 percent (unchanged from March). Existing-home sales rise in April paying occupancy governments said for platforms. also people are to rent purposes. prices brings up act is a perspective, he continuity among Inciting joked rentals is regulations support should purpose,” he regulatory response rental issues time soon. rent short-term local potentially that may rights. Investment Survey short-term popular. percent did or 2015 for do so “Looking ahead, with demand holding steady and supply levels still far from sufficient, the market for entry-level and mid-priced homes will likely continue to be the most competitive heading into the summer months,” says Yun.
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