New Home Sales Up 25.4% Last Month! | Simplifying The Market

Hawaii Island: Home Sales Up 15.5% July 2016 

According to the latest Hawaii MLS Report, Big Island,  Single Family Homes (HIS does not report new home sales - just overall sales) . I am going to switch gears on you here because I specialize on the West Side of Hawaii, better known as North Kona, North and South Kohala 

Kona: Actually seen a decrease in number of homes sold   <-4.4%> . Lack of Inventory (in specific price points) to blame, but this is also the cause of our Median Sales Price going up 19.5%! 

North & South Kohala: both seen decreases in Number of Sales with a strong Increase in the Median Price. Visit my website for the full report

Mainland: New Home Sales Up 25.4% Last Month! 

   For SellersHousing Market UpdatesNew Construction

According to the latest Census Bureau Report, sales of newly constructed homes soared to new heights in June to a seasonally adjusted rate of 592,000. This marks the highest annual rate in 8 years. 

Trulia’s Chief Economist, Ralph McLaughlin had this to say:

“New home sales jumped sharply in June, and marked the best month since February 2008. This is a continued sign that demand for homes remains solid and aptly reflects increasing homebuilder confidence.” 

Sales have been climbing consistently over the last six months as shown in the graph below.

New Home Sales Up 25.4% Last Month! | Simplifying The Market

One of the many reasons why many homeowners turn to the new homes market to find their dream home is due to the lack of existing homes for sale. As we have mentioned before, buyer demand is outpacing the supply of homes for sale at record rates.

Bottom Line

If you are a homeowner who is debating listing your home for sale this year, now may be the time. Let’s get together to help you take advantage of the buyers that are ready, willing and able to buy in your area.