How's the Market?

Nationally, home sales dropped to a 6-month low, falling 7.2% as buyers struggled to find a home amid rising prices and historic low inventory. Pending sales are also down, declining 4.1%. Builders are working hard to ramp up production—the U.S. Census Bureau reports housing starts are up 22.3% compared to a year ago—but higher construction costs and increasing sales prices continue to hamper new home sales, despite high demand for additional supply.

Some highlights:

• New Listings down 27.8% for Single Family homes and 7.7% for Condos

• Pending Sales down 25.5% for Single Family homes and 40% for Condos

• Inventory down 25.7% for Single Family homes and 60.3% for Condos

• Median Sales Price up 19.5% to $1,177,500 for Single Family homes and 27.6% to $820,000 for Condos

• Days on Market down 11.2% for Single Family homes and 53.1% for Condos

• Months Supply of Inventory down 25% for Single Family homes and 66.7% for Condos

Across the country, consumers are feeling the bite of inflation and surging mortgage interest rates, which recently hit 4.6% in March, according to Freddie Mac, rising 1.4% since January and the highest rate in more than 3 years. Monthly payments have increased significantly compared to this time last year, and as housing affordability declines, an increasing number of would-be homebuyers are turning to the rental market, only to face similar challenges as rental prices skyrocket and vacancy rates remain at near-record low.

Click here to view the full 22-page report for March 2022.

Have questions?

I love to talk Maui real estate! Contact me at 808-281-4711 or diane@dianebercik.com.