How's the Market?The U.S. housing market remains robust, with strong activity reported across both rental and residential housing fronts. Single-family rent prices are increasing rapidly, as demand
September 2021 Market Update
Dated: October 28 2021
How's the Market?
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 down 9.8% for homes and 29.2% for condos
Pending Sales down 4.3% for homes but up 5.7% for condos
Inventory down 44.3% for homes and 82.3% for condos
Median Sales Price up 27.3% to $996,500 for homes and 46.6% to $729,125 for condos
Days on Market down 14.9% for homes and 6.9% for condos
Months Supply of Inventory down 57.1% for homes and 90.8% for condos
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 the country.
Click here to view the full 22-page report for September 2021 Year-to-Date.
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Diane Bercik specializes in residential property sales on Maui. She serves as Broker-in-Charge for Maui Paradise Properties (MPP). Diane has worked on transactions all over the island and has a partic....