Maui County home sales were down more than 50% for condos and more than 20% for single-family homes last month. That’s because rising mortgage rates and all-time high selling prices forced buyers out.
Still, the average selling price of single-family homes rose 5% year-over-year to $1.1 million in July, according to a Maui Real Estate Association report released Wednesday. Condos were $789,500, up 11% from the same month last year.
Single-family home prices have set records four times this year. June hits all-time high with over $1.25 million.
At the national level, the housing market has cooled due to the rising cost of home ownership. According to the National Association of Realtors report, the cost of buying a home is 80% higher than it was three summers ago.
“As more and more buyers feel that their plans to buy a home are behind schedule, many are turning to the rental market, which is becoming more competitive due to rising demand,” the report said. increase.
Single-family home sales on Maui fell 20% last month to 88 units. Pending sales he dropped more than 40% to 70 units. New listings were also down about 39% to 76 units.
Meanwhile, inventory increased by 6.5% to 262 units.
Homes were on the market before sale in 105 days, down 5% from the previous year. The percentage of list prices he received remained flat at 98.5%.
As for condos, sales plunged nearly 53% to 99 units. He had 95 units pending sales, down 40%. New listings decreased by 17% to 103 units.
However, inventory increased significantly by 42% year-over-year. In July 2021 he had 164 sales, but last month he had 232.
Condos have been on the market for 76 days, down 37% from the same time slot last year. The percentage of list price he received remained flat at 99%.
As of July, regions with median single-family home sales below $1 million were Kahului ($957,500), Makawao/Olinda/Harimaile ($921,000) and Pukalani ($925,000). , Spreckelsville/Pia/Kuau ($902,500) and Wailuku ($929,000). , Lanai, $709,375, Molokai, $685,000.
The regions with the highest median sales were Wailea/Makena at $5.3 million, Kapalua at $5.2 million, and Hana at $2.75 million.
Wailuku was the best-selling at 13, while Kihei and Kahului were at 12 each.
For condos, the regions with the lowest median sales prices were Kahului at $207,500, Molokai at $187,500 and Wailuku at $520,000.
The regions with the highest median sales were Lanai at $3.4 million, Wailea/Makena at $1.69 million, and Kaanapali at $1.67 million.
Kihei sold the most with 36, followed by Napiri, Kahana, and Honokowai with 24.
At a time of typically very high homebuying activity, soaring home ownership costs led to a fifth straight month of decline in home sales nationwide, with existing home sales down 5.4% month-over-month and 14.2% year-over-year. . At the time of the last action, according to the National Association of Realtors.
“The U.S. housing market continues to cool as rising mortgage rates and record selling prices squeeze affordability, weakening demand and driving many buyers down prices.
The average 30-year fixed rate mortgage in July was above 5%.