According to the National Association of Realtors, existing-home sales rose in August following a big correction in July. Existing-home sales, which are completed transactions that include single-family, townhomes, condominiums and co-ops, increased 7.6% to a seasonally adjusted annual rate of 4.13 million in August from an upwardly revised 3.84 million in July, but remain 19.0% below the 5.10 million-unit pace in August 2009.
Lawrence Yun, NAR chief economist, said home sales still remain below expectations. "The housing market is trying to recover on its own power without the home buyer tax credit. Despite very attractive affordability conditions, a housing market recovery will likely be slow and gradual because of lingering economic uncertainty," Yun said. He added, "Home values have shown stabilizing trends over the past year, even as the economy shed millions of jobs, because of the home buyer tax credit stimulus. Now that the economy is adding some jobs, the housing market needs to steadily improve and eventually stand on its own."
First-time buyers purchased 31% of homes in August, down from 38% in July. Investors rose to a 21% market share in August from 19% in July; the balance of purchases were by repeat buyers. All-cash sales slipped to 28% in August from 30 percent in July.
Figures for the Hawaii Kai real estate market in August were very positive. Call or email me to look at some properties, while the rates remain at historic lows.
Barbara Abe, Realtor