West Hawaii Real Estate | November 9, 2018 15
said Yun. “Home prices are still rising, so people who are
purchasing are still seeing wealth gains.”
Yun pointed to year-over-year increases in active listings
from data at realtor.com to illustrate a potential rise in inventory.
Denver-Aurora-Lakewood, Colo., Columbus, Ohio, Seattle-
Tacoma-Bellevue, Wash., San Diego-Carlsbad, Calif., and San
Francisco-Oakland-Hayward, Calif. saw the largest increase in
active listings in September compared to a year ago.
With rising mortgage rates and high prices, conversations
about the possible benefits of renting over buying have begun
to pop up; however, Yun believes that homeownership is still
the path to long-term financial health. “Excluding periods of
subprime lending, homeownership has consistently led to
wealth gains,” said Yun. “If people are willing to purchase
a home within their budget, they will likely continue to
accumulate equity.”
September pending home sales regional breakdown
The PHSI in the Northeast dropped 0.4 percent to 92.3 in
September, and is now 2.7 percent below a year ago. In the
Midwest, the index rose 1.2 percent to 102.4 in September and
is 1.1 percent lower than September 2017.
Pending home sales in the South fell 1.4 percent to an
index of 119.6 in September; however, that is 3.3 percent higher
than a year ago. The index in the West increased 4.5 percent in
September to 93.1 and plunged 7.4 percent below a year ago.
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