Median home prices set record again at $1.25M
Condo sales prices also up to $832,000 in June, report says
After a slight drop in May, Maui County’s median sales price for a single-family home rose again to a record high of a little more than $1.25 million in June.
June’s median sales price for a single-family home of $1,255,000 is up 13.6 percent from the same month last year, when the median price was $1,105,000, according to a report from the Realtors Association of Maui released Wednesday.
In May, the median price was $1,212,500, just below the former record-setting price of $1,242,500 in April.
Median sales prices for condominium units in the county in June reached $832,500, a 34.3 percent jump from the $620,000 median price recorded in June 2021.
In May, the median sales price for a condominium in Maui County was $715,000. In April the price was $820,000.
“Higher prices, coupled with 30-year fixed mortgage rates approaching 6 percent, have exacerbated affordability challenges and rapidly cooled demand, with home sales and mortgage applications falling sharply from a year ago,” the report said.
In June, 85 single-family homes were sold, which is down 24.8 percent from the 113 homes sold in June 2021. Sales were also down for condominium units, with 150 sold in June, down 40.2 percent from the 251 sold in June 2021.
New listings for single-family homes in June increased 1.4 percent from 145 last year to 147 this year but decreased 18.6 percent for condominiums, from 177 last year to 144 this year.
Pending sales decreased 14 percent for single-family homes, going from 100 to 86, and 53.6 percent for condominiums, dropping from 194 to 90.
Inventory increased 0.7 percent for single-family homes, from 267 to 269, and 3.2 percent for condominiums, from 216 to 223.
The most single-family homes sold in the county in June were in Wailuku, where 20 homes sold with a median sales price of $887,300, followed by Kihei where 12 single-family homes sold with a median sales price of $1.675 million.
Haiku saw eight single-family home purchases with a median sales price of $1.26 million, and the Makawao/Olinda/Haliimaile area also saw eight homes sold with a median sales price of $1.149 million.
In June, Kihei saw the most condominium units sold with 52 at a median price of $767,500. The Napili/Kahana/Honokowai area saw 29 units sold at a median price of $762,000. Another 18 units sold in Kaanapali at a median price of $1.095 million.
Across the U.S., rising inflation, soaring home prices and increased mortgage interest rates have caused the housing market to slow, according to the report. The Federal Reserve also raised interest rates by three-quarters of a percentage point in June, the largest interest rate hike since 1994.
“As existing home sales continue to soften nationwide, housing supply is slowing improving, with inventory up for the second straight month,” the report said. “In time, price growth is expected to moderate as supply grows; for now, however, inventory remains low, and buyers are feeling the squeeze of higher prices all around.”
* Melissa Tanji can be reached at email@example.com.