Affordability constraints have continued to limit home buying activity this summer, with existing-home sales falling 3.3% month-over-month nationwide as of last measure, according to the National Association of REALTORS® (NAR). Mortgage rates have approached 7% in recent months, leading many prospective buyers to put their home purchase plans temporarily on hold. But higher rates have also kept many existing homeowners from listing their homes for fear of giving up the low-rate mortgages they locked in a few years ago, when rates were significantly lower.
New Listings decreased 1.3 percent for Single Family homes and 18.7 percent for Condominium homes. Pending Sales decreased 20.3 percent for Single Family homes and 18.7 percent for Condominium homes. Inventory decreased 9.6 percent for Single Family homes and 8.8 percent for Condominium homes.
Median Sales Price increased 8.4 percent to $1,192,500 for Single Family homes and 7.7 percent to $850,000 for Condominium homes. Days on Market increased 17.3 percent for Single Family homes and 27.6 percent for Condominium homes. Months Supply of Inventory increased 32.3 percent for Single Family homes and 64.7 percent for Condominium homes.
Despite a drop in existing-home sales, home prices have remained near record highs, with a national median sales price of $410,200 as of last measure, 0.9% below the all-time high of $413,800 recorded in June 2022, according to NAR. With only 3.1 months’ supply heading into July, the lack of inventory has boosted competition among buyers and put upward pressure on sales prices, especially in more affordable markets, where competition for homes remains particularly strong.
All data from the REALTORS® Association of Maui, Inc. Report © 2023 ShowingTime.
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