Nationwide, existing home sales were down slightly in August, falling 2% after two consecutive months of increases, according to the National Association of REALTORS®. The decline in existing home sales coincides with rising sales prices, which have continued to soar into fall, with the median sales price of existing homes up 14.9% compared to last year. Declining affordability has had a significant impact on homebuyers, many of whom have been priced out of the market and are choosing to wait for sales prices to ease before resuming their home search.
New Listings decreased 9.8 percent for Single Family homes and 29.2 percent for Condominium homes. Pending Sales decreased 4.3 percent for Single Family homes but increased 5.7 percent for Condominium homes. Inventory decreased 44.3 percent for Single Family homes and 82.3 percent for Condominium homes.
Median Sales Price increased 27.3 percent to $996,500 for Single Family homes and 46.6 percent to $729,125 for Condominium homes. Days on Market decreased 14.9 percent for Single Family homes and 6.9 percent for Condominium homes. Months Supply of Inventory decreased 57.1 percent for Single Family homes and 90.8 percent for Condominium homes.
There are signs the market may be shifting, however. New listings have continued to hit the market, bucking seasonality trends commonly seen in the fall, a time when listing and sales activity typically slows as children return to school. As inventory increases, competition for homes may soften, and could even bring a moderation in sales prices, which, after 114 months of year-over-year gains, would be music to the ears of homebuyers throughout
*This report is an excerpt from Realtor Association of Maui September 2021 Report. To see the complete report, go to rammaui.com