Those in the market for a Maui home may be interested to know that in September, the sales of existing homes rebounded nationwide. In fact, these sales hit their highest annual pace this year at 5.17 million, compared to 5.05 million in August.
The National Association of Realtors reports that despite this growth, sales are still lower this year than they were last year. They gathered data that included completed sales for single-family homes, townhomes, condominiums and co-ops. The increase in sales in September was attributed to low interest rates and steady price gains.
NAR’s Chief Economist, Lawrence Yun, pointed out that traditional buyers are in a less competitive market, which can be attributed to the fact that fewer investors are looking for available homes. That’s a byproduct of rising prices, as affordable homes are snatched up by investors before traditional buyers can get to them. Once those affordable homes are no longer on the market, investors start looking elsewhere. If you’re a traditional buyer, this means you will have more time to carefully evaluate and choose the right Maui property for your needs, even though the options aren’t as affordable. Yun also pointed out that inventory tends to fall approaching the winter months, so that will limit choices to some degree at this point in the year.
According to the report, the median home price in the U.S. was $209,700 in September, which was up 5.6 percent from the same month last year. Bear in mind that the median price of a home in Maui County is $570,000, but if you’re familiar with the island, then you’ll know why. The report also revealed a slight increase in mortgage rates in September, but those rates are expected to remain flat or decrease slightly in the coming weeks.
If you need expert assistance navigating the Maui real estate purchase process, you’ll find our contact information at the bottom of the page. There are a lot of factors to consider when you buy, and we have our eyes on all those nuances and more. You’ll find our contact information at the bottom of the page if you should need us. Mahalo for reading this week, and happy hunting!