10 West Hawaii Real Estate | October 26, 2018
Existing-home sales decline across the country in September
Existing-home sales declined
in September after a month
of stagnation in August,
according to the National
Association of Realtors®. All four
major regions saw no gain in sales
activity last month.
Total existing-home sales,
which are completed transactions
that include single-family homes,
townhomes, condominiums and
co-ops, fell 3.4 percent from August
to a seasonally adjusted rate of 5.15
million in September. Sales are now
down 4.1 percent from a year ago
(5.37 million in September 2017).
Lawrence Yun, NAR chief
economist, says rising interest rates
have led to a decline in sales across
all regions of the country. “This is
the lowest existing home sales level
since November 2015,” he said. “A
decade’s high mortgage rates are
preventing consumers from making
quick decisions on home purchases.
Al Gulick
RB-18743
For more information or
an appointment to see,
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808.315.3953 direct
magical@hawaii.rr.com
MLS 621930
$1,299,000
3.0 Bed
3.5 Bath
3,236 sq ft
3 car garage
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MLS 619433
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3.0 Bed
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2,850 sq ft
All the while, affordable home listings
remain low, continuing to spur
underperforming sales activity across
the country.
The median existing-home price
for all housing types in September
was $258,100, up 4.2 percent from
September 2017 ($247,600). September’s
price increase marks the 79th straight
month of year-over-year gains.
Total housing inventory at the
end of September decreased from
1.91 million in August to 1.88 million
existing homes available for sale, and
is up from 1.86 million a year ago.
Unsold inventory is at a 4.4-month
supply at the current sales pace, up
from 4.3 last month and 4.2 months a
year ago.
Properties typically stayed on the
market for 32 days in September, up
from 29 days in August but down from
34 days a year ago. Forty-seven percent
of homes sold in September were on
the market for less than a month.
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cabinets, and lots of workspace in the chefs kitchen.
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$649,000
2 Bed
2 Bath
1,486 sq ft
Spacious unit with ocean view across the oceanfront
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$799,000
2 Bed
2 Bath
1,486 sq ft
Spectacular oceanfront setting featuring year around
sunsets and bonus views of Keauhou Bay and He’eia
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MLS 621803
$1,850,000
5.0 Bed
5.5 Bath
4,850 sq ft
3 car garage
Ocean view with spectacular sunsets. Living area
provides inviting gathering places in the great room,
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bedrooms have en suites. Property is being sold turn key.
“There is a clear shift in the market
with another month of rising inventory
on a year over year basis, though
seasonal factors are leading to a third
straight month of declining inventory,”
said Yun. “Homes will take a bit longer
to sell compared to the super-heated
fast pace seen earlier this year.”
Realtor.com’s Market Hotness
Index, measuring time-on-the-market
data and listings views per property,
revealed that the hottest metro areas
in September were Midland, Texas;
Fort Wayne, Ind.; Odessa, Texas;
Boston-Cambridge-Newton, Mass.;
and Columbus, Ohio.
According to Freddie Mac,
the average commitment rate for
a 30-year, conventional, fixed-rate
mortgage increased to 4.63 percent
in September from 4.55 percent in
August. The average commitment rate
for all of 2017 was 3.99 percent.
“Rising interests rates coupled
with increasing home prices are
keeping first-time buyers out of the
market, but consistent job gains could
allow more Americans to enter the
market with a steady and measurable
rise in inventory,” says Yun.
First-time buyers were
responsible for 32 percent of sales in
September, up from last month (31
percent) and a year ago (29 percent).
NAR’s 2017 Profile of Home Buyers
and Sellers – released in late 20174
– revealed that the annual share of
first-time buyers was 34 percent.
“Despite small month over month
increases, the share of first-time
buyers in the market continues to
underwhelm because there are simply
not enough listings in their price
range,” said NAR President Elizabeth
Mendenhall, a sixth-generation
Realtor® from Columbia, Missouri
and CEO of RE/MAX Boone Realty.
“Entry-level homes remain highly
sought after, as prospective buyers are
advised to contact a Realtor® as early
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