Pending home sales reverse course, rise 0.9 percent in June
KAIWI SQUARE
74-5565 Luhia Street, Kailua-Kona, Hawaii 96740
SPACE AVAILABLE
FOR LEASE
• Downstairs:
Space C1A (1,500 SF)
Space A3A (800 SF)
• Upstairs:
Space CB (540 SF); Space CF (450 SF)
Space CB1 (400 SF); Space CH (600 SF)
Space CA2 (150 SF)
This property caters to both retail and offi ce tenants who are mindful
of a good location with easy access. There are also smaller offi ce
spaces upstairs ready for your start up business or for those on a
tight budget. Come tour the property and become one
of the Kaiwi Square Professionals.
Debbie Parmley (B) CCIM
Vice President | Hawaii
Leasing Services – Island of Hawaii
License No RB-21953
Direct +1 808 987 7722
Main +1 808 524 2666
debbie.parmley@colliers.com
220 South King Street • Suite 1800, Honolulu, Hawaii 96813
For details on all listings visit, www.DebbieParmley.com
O‘OKALA ON THE
HAMAKUA COAST
31.65 acres includes remnants of the
old Kaiwiki Sugar Mill.
Turn back the clock to the plantation days when this
was the hub of O‘okala Town. The post offi ce and
some offi ce buildings are still in use.
MLS# 615508 $799,000
Robert L. Bates, RB, GRi, ePRO
RB-6883• 808-937-7103
KONA - HIGH
MOUNTAIN LIVING!
2/1 Chalet, w/wrap around lanai + 1/1 bonus area
downstairs. These 21 acres are easily accessed by
a paved drive the entire length of the property.
Peaceful, private, wondrous land, cool air, and
fertile soil. Walking paths to organic gardens, a small
orchard, an adorable garden shed, native Ohia &
fern forest. On the slopes of Mt. Hualalai at 4,200’
elevation above town.
MLS# 608089 $988,000
75-5737 Kuakini Hwy #102 • Kailua-Kona, Hi 96740
808-325-6526 | www.PScoHawaiiRealEstate.com
PRICE REDUCED
Dana M. Ching, GRI
RB-22545 • 808-989-6792
West Hawaii Real Estate | August 3, 2018 15
®
Pending home sales increased
in all four major regions in
June, but overall activity
lagged year ago levels for
the sixth straight month, according to
the National Association of Realtors.
The Pending Home Sales Index, a
forward-looking indicator based on
contract signings, rose 0.9 percent to
106.9 in June from 105.9 in May. Despite
last month’s increase, contract
signings are still down 2.5 percent on
an annual basis.
Lawrence Yun, NAR chief economist,
says an uptick in existing inventory
helped lift contract signings in
June. “After two straight months of
pending sales declines, home shoppers
in a majority of markets had a
little more success finding a home to
buy last month,” he said. “The positive
forces of faster economic growth
and steady hiring are being met by
the negative forces of higher home
prices and mortgage rates. Even with
slightly more homeowners putting
their home on the market, inventory
is still subpar and not meeting
demand. As a result, affordability constraints
are pricing out some wouldbe
buyers and keeping overall sales
activity below last year’s pace.”
According to Yun, the good news
is that it is possible the worst of the
supply crunch affecting most of the
country has passed. Last month, existing
inventory was up on an annual
basis – albeit slightly – for the first
time in three years. Furthermore,
pointing to realtor.com data on yearover
year changes in inventory in
June, several large metro areas saw
big jumps in active listings, including
Portland, Oregon (24 percent),
Providence, Rhode Island (20 percent),
Seattle (19 percent), Nashville,
Tennessee (17 percent) and San Jose,
California (15 percent).
“Home price growth remains
swift and listings are still going under
contract at a robust pace in most
of the country, which indicates that
even with rising inventory in many
markets, demand still significantly
outpaces what’s available for sale,”
added Yun. “However, if this trend
of increasing supply continues in the
months ahead, prospective buyers
will hopefully begin to see more
choices and softer price growth.”
Heading into the second half
of the year, Yun now forecasts for
existing-home sales in 2018 to decrease
1.0 percent to 5.46 million
– down from 5.51 million in 2017.
The national median existing-home
price is expected to increase around
5.0 percent. In 2017, existing sales
increased 1.1 percent and prices rose
5.7 percent.
The PHSI in the Northeast increased
1.4 percent to 93.7 in June,
but is still 4.1 percent below a year
ago. In the Midwest the index rose
0.5 percent to 101.9 in June, but is
still 2.1 percent lower than June 2017.
Pending home sales in the South
climbed 1.1 percent to an index of 124.2
in June, but are 0.3 percent below a
year ago. The index in the West inched
forward 0.7 percent in June to 95.4, but
is 5.6 percent below a year ago.
“Even with slightly more homeowners putting their home on the market, inventory
is still subpar and not meeting demand. As a result, affordability constraints are
pricing out some would-be buyers and keeping overall sales activity below last
year’s pace.” — Lawrence Yun, NAR Chief Economist
link
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/www.PScoHawaiiRealEstate.com
