Real Estate Insight

Real Estate Market Update

Real Estate Market Update:

The real estate market experienced a slight increase in sales in February, largely due to the battered housing market. National Association of Realtors report that February was the first month-to-month rise of the annualized pace since last July.

The median price of a single family home sold on Oahu during the month of February fell 2.5% to $599,000 from $614,500. We have been able to have modest sales because of this drop in prices.

The market is experiencing a large inventory of homes for sale and some builders across the country have been cutting back dramatically in the production of new houses.

The bad part of all this is buyers who bought late in the cycle, get hurt because they owe more on their houses than their house is worth. (Due to the sharp fall in housing prices.)

A lot of buyers cannot refinance because they did 100% financing.