14 West Hawaii Real Estate | November 9, 2018
Pending home sales see 0.5 percent increase
Pending home sales rose
slightly in September and
saw substantial increases in
both the West and Midwest,
according to the National Association
of Realtors.
The Pending Home Sales Index,
a forward-looking indicator based
on contract signings, increased 0.5
percent to 104.6 in September from
104.1 in August. However, year-overyear,
contract signings dropped 1.0
percent, making this the ninth straight
month of annual decreases.
Lawrence Yun, NAR chief
economist, says that even though
we are still seeing year-over-year
declines, the latest monthly increase
is a good, stabilizing trend. “This
shows that buyers are out there on
the sidelines, waiting to jump in once
more inventory becomes available
and the price is right,” he said.
Yun continues to point to the
lack of inventory of moderately
priced homes and affordability
as factors restraining the housing
market but when viewed through
the lens of the last few decades, the
current affordability climate is still
favorable. “When compared to the
year 2000, when the housing market
was considered very
healthy and home
sales figures were
roughly equivalent,
the affordability
conditions were much
lower compared to
now. So even though
affordability has been
falling recently, the demand for
housing should remain steady.”
While the economy is thriving, it
has yet to have a substantial impact
on the real estate market. However,
Yun believes that may be about to
change. “The general condition of
the economy is excellent, it simply
has not lifted home sales this year,”
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