Ocean View and Golf Course Frontage Price Reduced! Gorgeous ocean & golf course frontage views from this two bedroom, two bath unit located in Keauhou area. Completely remodeled and comes turnkey furnished! Also includes an On-Demand hot water system. This is a vacation rental, so call today to schedule an appointment to see this beautiful unit. $469,900 BROKERS Linda Johnson R, GRI, SFR Specializing in You & Kona Real Estate Cell: 808.989.6155 pprrooppeerrttyy@@hhaawwaaiiii..rrrr..ccoomm •• wwwwww..pprrooppeerrttyyiinnkkoonnaa..ccoomm is the leading full-service Commercial Real Estate fi rm on the Big Island. TCG is looking for potential qualifi ed tenants as well as commercial property owners who need leasing services for their property or a Leasing Agent and Property Manager. They also offer consulting services for commercial real estate issues. Monique Peacock, (PB) • Consulting • Sales/Leasing Services • Property Management LIGHTHOUSE BUILDING Landmark Property Great Visibillity. Center of Downtown Kona 400 sq. ft. Office Space, 1430 sq. ft. Retail PO Box 908, Kailua-Kona, HI 96745 • Offi ce (808) 329-1111 www.TCGKona.com • e-mail: info@TCGKona.com 18 West Hawaii Real Estate | November 9, 2016 Existing-home sales rebounded strongly in September and were propelled by sales from first-time buyers reaching a 34 percent share, which is a high not seen in over four years, according to the National Association of Realtors®. All major regions saw an increase in closings last month, and distressed sales fell to a new low of 4 percent of the market. Total existing-home sales, which are completed transactions that include single-family homes, townhomes, condominiums and co-ops, hiked 3.2 percent to a seasonally adjusted annual rate of 5.47 million in September from a downwardly revised 5.30 million in August. After last month’s gain, sales are at their highest pace since June (5.57 million) and are 0.6 percent above a year ago (5.44 million). Lawrence Yun, NAR chief economist, says the two-month slump in existing sales reversed course convincingly in September. “The home search over the past several months for a lot of prospective buyers, and especially for first-time buyers, took longer than usual because of the competition for the minimal amount of homes for sale,” he said. “Most families and move-up buyers look to close before the new school year starts. Their diminishing presence from the market towards the end of summer created more opportunities for aspiring firsttime homeowners to buy last month.” The median existing-home price for all housing types in September was $234,200, up 5.6 percent from September 2015 ($221,700). September’s price increase marks the 55thconsecutive month of year-over-year gains. Total housing inventory at the end of September rose 1.5 percent to 2.04 million existing homes available for sale, but is still 6.8 percent lower than a year ago (2.19 million) and has now fallen year-over-year for 16 straight months. Unsold inventory is at a 4.5-month supply at the current sales pace, which is down from 4.6 months in August. “Inventory has been extremely tight all year and is unlikely to improve now that the seasonal decline in listings is about to kick in,” added Yun. “Unfortunately, there won’t be much relief from new home construction, which continues to be grossly inadequate in relation to demand.” Matching the highest share since July 2012, first-time buyers were 34 percent of sales in September, which is up from 31 percent in August and 29 percent a year ago. First-time buyers represented 30 percent of sales in all of 2015. “There’s hope the leap in sales to first-time buyers can stick through the rest of the year and into next spring,” explained Yun. “The market fundamentals — primarily consistent job gains and affordable mortgage rates — are there for the steady rise in firsttimers needed to finally reverse the decline in the homeownership rate.” On the topic of first-time buyers, NAR President Tom Salomone, broker-owner of Real Estate II Inc. in Coral Springs, Florida said government sponsored enterprises Fannie Mae and Freddie Mac have a duty to ensure there’s access to mortgage credit for creditworthy borrowers wanting to buy a home. “Unfortunately, overly burdensome fees at the GSEs are making homeownership difficult for moderate income buyers. Fannie and Freddie can reduce the cost of borrowing while still protecting taxpayers, and we’re hopeful they’ll take these steps to ensure prospective buyers are able to enter the market,” he said. According to Freddie Mac, the First-time buyers steer existing-home sales higher “Inventory has been extremely tight all year and is unlikely to improve now that the seasonal decline in listings is about to kick in,” added Yun. “Unfortunately, there won’t be much relief from new home construction, which continues to be grossly inadequate in relation to demand.” - Lawrence Yun, NAR chief economist
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