Vacant Land Loans
5.25%
e{Ã
With rates
as low as:
cŅŞŅĜĹƋŸƵĜƋĘƚŞƋŅƀĂŢĀűĹÏĜĹčúÃÃ
$QQXDO3HUFHQWDJH5DWH:LOOORDQXSWRRIWKHDSSUDLVHGYDOXHRUVDOHVSULFHZKLFKHYHULVOHVV7KUHHDQG¿YH\HDUWHUPV
DYDLODEOH$¿QDOEDOORRQSD\PHQWLVGXHDWWKHHQGRIWKHWHUP0RQWKO\SD\PHQWLVFDOFXODWHGXVLQJD\HDUDPRUWLDWLRQ$OOORDQVDUH
VXEMHFWWRFUHGLWDSSURYDO5DWHVDQGWHUPVZLOOEHGHWHUPLQHGEDVHGRQLQGLYLGXDOFUHGLWZRUWKLQHVV0DLPXPORDQDPRXQWIRUSURSHUWLHV
ORFDWHGLQ/DYD+DDUG=RQHVDQGXSWR0XVWEH\HDUVRIDJHWRTXDOLI\IRUDORDQ0XVWEHDPHPEHUWRSDUWLFLSDWH
5HY )HGHUDOO\LQVXUHGE\1&8$
Visit us online at ĘĜÏŅĵĵüÏƚţÏŅĵ
or call ĿƐLjěƀƀLjLjú
#hicommfcu
10 West Hawaii Real Estate | March 2, 2018
Fourth quarter home prices up 5.3 percent; nearly two-thirds of markets at all-time high
An uptick in existing-home
sales in the final three
months of 2017 pulled
down housing inventory to
an all-time low and kept home-price
growth at its recent robust pace, according
to the latest quarterly report
by the National Association of Realtors.
The national median existing
single-family home price in the fourth
quarter was $247,800, which is up
5.3 percent from the fourth quarter
of 2016 ($235,400). The median
price during last year’s third quarter
climbed 5.6 percent from the third
quarter of 2016.
Single-family home prices last
quarter increased in 92 percent of
measured markets, with 162 out of
177 metropolitan statistical areas
(MSAs) showing sales price gains
in the fourth quarter compared to a
year ago. Twenty-six metro areas (15
percent) experienced double-digit
increases (11 percent in the third
quarter), and 18 metros eclipsed their
previous peak sales price. Overall,
home prices are now at their all-time
high in 114 markets (64 percent).
Lawrence Yun, NAR chief economist,
says 2017 capped off another
year where home prices in most markets
ascended at a steady clip amidst
improving sales and worsening inventory
conditions.
“A majority of the country saw
an upswing in buyer interest at the
end of last year, which ultimately
ended up putting even more strain
on inventory levels and prices,” he
said. “Remarkably, home prices have
risen a cumulative 48 percent since
2011, yet during this same timeframe,
incomes are up only 15 percent. In
the West region, where very healthy
labor markets are driving demand, the
gap is even wider.”
Added Yun, “These consistent,
multi-year price gains have certainly
been great news for homeowners, and
especially for those who were at one
time in a negative equity situation;
however, the shortage of new homes
being built over the past decade is
really burdening local markets and
making homebuying less affordable.”
Total existing-home sales, including
single family and condos, increased
4.3 percent to a seasonally
adjusted annual rate of 5.62 million in
the fourth quarter from 5.39 million in
the third quarter, and are 1.3 percent
higher than the 5.55 million pace during
the fourth quarter of 2016.
At the end of the fourth quarter,
there were 1.48 million existing
homes available for sale, which was
10.3 percent below the 1.65 million
homes for sale at the end of the
fourth quarter in 2016. The average
supply during the fourth quarter was
3.5 months - down from 4.2 months
in the fourth quarter of last year.
“These consistent, multi-year price gains have certainly been great news for
homeowners, and especially for those who were at one time in a negative equity
situation; however, the shortage of new homes being built over the past decade
is really burdening local markets and making homebuying less affordable.”
- Lawrence Yun, NAR Chief Economist