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U.S. Existing-Home Sales Decline Amid High Prices and Interest Rates
For the first time since September, U.S. existing-home sales fell by 4.9% month-over-month, reaching a seasonally adjusted annual rate of 4.08 million units, according to the National Association of REALTORS® (NAR). Despite this decline, sales were still 2% higher than the same period last year, marking the fourth consecutive year-over-year increase.
Maui Market Update
- New Listings
- Single-family homes: Increased 4.3%
- Condominium homes: Decreased 7.8%
- Pending Sales
- Single-family homes: Decreased 11.3%
- Condominium homes: Decreased 38.7%
- Inventory Levels
- Single-family homes: Increased 58%
- Condominium homes: Increased 97.9%
- Median Sales Price
- Single-family homes: Increased 9.7% to $1,395,319
- Condominium homes: Increased 27.7% to $945,000
- Days on Market
- Single-family homes: Decreased 3.1%
- Condominium homes: Increased 85.9%
- Months Supply of Inventory
- Single-family homes: Increased 71.4%
- Condominium homes: Increased 167.3%
National Trends
The ongoing shortage of available homes has continued to push prices higher nationwide. The national median existing-home price reached $396,900, reflecting a 4.8% increase from last year, with prices rising across all four U.S. regions.
Meanwhile, total housing inventory as of February stood at 1.18 million units, representing a 3.5% month-over-month increase and a 16.8% year-over-year rise. At the current sales pace, this translates to a 3.5-month supply of available homes.
