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Existing Home Sales Reach Highest Levels since 2007

Existing home sales were nearly ten percent higher, year over year in June.
July 31, 2015

Existing Home Sales Reach Highest Levels since 2007

South Maui HomesWe're a long way from those recession days of foreclosures, short sales, and real estate steals. The National Association of Realtors (NAR) recently released stats revealing that existing home sales are at their highest level since 2007. Not only that, but the median sales price reached a new record. Those who purchased real estate during the recession are in an excellent position to make money on their investment.

The report indicated that existing home sales was up 3.2 percent in June to a seasonally adjusted annual rate of 5.5 million. That's nearly 10 percent higher than it was in June of last year. Seeing such a dramatic increase on a nationwide level is really impressive.

The median price of an existing home was $236,400 in June, which broke the July 2006 record. The rise in prices is easily linked to demand along with limited inventory, as we're seeing more and more buying activity lately, which NAR also recognizes.

According to their Chief Economist, Lawrence Yun, "Buyers have come back in force, leading to the strongest past two months in sales since early 2007. This wave of demand is being fueled by a year-plus of steady job growth and an improving economy that's giving more households the financial wherewithal and incentive to buy." Another factor in buyer activity lately is the concern that interest rates will increase in the future, which makes the present the best time to buy real estate.

Here on Maui, inventory is limited, demand is high, and multiple bidding has become the norm. So if you're in the market for Maui real estate, get pre-approved for your mortgage so you know how much home you can afford, and contact us for the expert assistance you'll need while you navigate the home search and purchase process. Mahalo!

Blogs for July 2015

Existing Home Sales Reach Highest Levels since 2007

Posted on July 31, 2015
Existing Home Sales Reach Highest Levels since 2007

We're a long way from those recession days of foreclosures, short sales, and real estate steals. The National Association of Realtors (NAR) recently released stats revealing that existing home sales are at their highest level since 2007. Not only that, but the median… Continue Reading

Hawaii Energy Cooperatives vs Next Era Energy

Posted on July 24, 2015
Hawaii Energy Cooperatives vs Next Era Energy

For those of you prospective Maui real estate owners who have been checking in on the NextEra Energy acquisition of Hawaiian Electric Co., some new possibilities have been developing via the Hawaii Island Energy Cooperative (HEIC). The energy choices made in the near future… Continue Reading

Wailea Accommodations Performance Leads the State in May

Posted on July 17, 2015
Wailea Accommodations Performance Leads the State in May

According to a recent report from Hospitality Advisors, Maui hotel rates increased by 10 percent in May, compared to the same month last year. This substantial increase says a great deal about the performance of the visitor industry, which affects numerous aspects of… Continue Reading

New Owner Plans Expansion for Shops on the Green in Wailea

Posted on July 10, 2015
New Owner Plans Expansion for Shops on the Green in Wailea

Among the string of recent South Maui developments is the new owner of Shops on the Green in Wailea, which will soon become Wailea Village Center. The new owner is Burnham USA, a California developer that intends to expand the… Continue Reading

New Island Gourmet Market in Wailea

Posted on July 03, 2015
New Island Gourmet Market in Wailea

A new Island Gourmet Market is coming to The Shops at Wailea, so for all you residents and prospective South Maui real estate owners who like having options when it comes to shopping for food, you'll have something new to look forward to. The Shops… Continue Reading

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Mark and Lisa

Mark A Harbison
R(B) (GRI) (CIPS) (TRC)

Mark@RealEstateMauiHawaii.com

(808) 283-3785

Coldwell Banker Island Properties
Shops at Wailea, Suite B-35
3750 Wailea Alanui * Kihei, HI 96753
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