Median home price tops $700,000 for third time this year
Median single-family home prices in Maui County hit $700,000 or more for the third time this year in June when the midpoint price at which homes sold was $740,000, according to statistics released Tuesday by the Realtors Association of Maui.
Median home prices topped $700,000 only one month last year (in December, when the price was $700,500). And, before that, Maui County median home prices had not gone north of $700,000 since September 2006, the association’s historic data show.
In 2005 and 2006, just a few years before the subprime mortgage crisis in December 2007 and the collapse of housing markets and the Great Recession that followed, Maui County’s median home prices topped $700,000 in 11 of 24 months. The high points were May 2005 and July 2006 when home prices soared to $780,000.
Returning to the present, the volume of single-family home sales reached 120 in June, the highest month for sales since 129 homes exchanged hands in July 2015. The 120 home sales in June were 21.2 percent higher than the same month last year, and they were 26.3 percent higher than just a month earlier in May, the association’s statistics show.
“There is strong demand for homebuying, emphasized by higher prices and multiple offers on homes for sale in many submarkets,” the association’s commentary on June statistics says. “As has been the case for month after month — and now year after year — low inventory is the primary culprit for any sales malaise, rather than lack of offers.”
Continue Reading … Full article on Maui News – written by Brian Perry