Housing affordability continues to be a major roadblock for market participants, with mortgage rates more than double compared to this time last year. Buyers are delaying home purchases in hopes rates will drop, while many sellers are holding off on listing their homes due to weakening buyer demand, unwilling to trade in their current lower rates for significantly higher borrowing costs on their next property. As a result, existing-home and pending home sales have continued to slow as we move into winter.
New Listings decreased 33.9 percent for Single Family homes and 43.5 percent for Condominium homes. Pending Sales decreased 32.6 percent for Single Family homes and 63.3 percent for Condominium homes. Inventory increased 28.2 percent for Single Family homes and 35.0 percent
for Condominium homes.
Median Sales Price increased 2.5 percent to $1,025,000 for Single Family homes and 18.1 percent to $856,250 for Condominium homes. Days on Market increased 35.1 percent for Single Family homes and 42.9 percent for Condominium homes. Months Supply of Inventory increased 100.0 percent for Single Family homes and 125.0 percent for Condominium homes.
With home sales down, nationwide housing inventory was at 3.3 months’ supply heading into November, up from 2.4 months from this time last year, according to the National Association of REALTORS®. Although buyers have more options to choose from, home prices remain high, and soaring borrowing costs have caused monthly payments to increase significantly, with the average homebuyer paying 77% more on their loan per month compared to the same period a year ago, according to Realtor.com.
All data from the REALTORS® Association of Maui, Inc. Report © 2022 ShowingTime.
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