Home prices are increasing in 93 percent of markets in the U.S., according to the National Association of Realtors, with 19% experiencing double-digit growth.
Nationwide, the median existing home price rose to $229,400 in the second quarter, up 8.2% from last year. But tell that to the people who live in places like Northern California and here on Oahu.
In San Jose, Calif., metro area — which includes Silicon Valley, the most expensive area for home prices the median home price of $980,000.The Golden State is home to four out of the five most expensive housing markets in the nation, while Honolulu home prices aren’t cheap either coming in at $698,600.
A number of factors are propping up home prices, including rising rents and more economic confidence, but the lack of inventory remains the biggest accelerator.
If supply were plentiful, prices wouldn’t be rising as quickly in spite of jobs and rents rising. The supply is really the clinching factor. While home prices have recovered, sales remain a drag. New construction is needed, particularly at the low and middle end, here on Oahu.
First-time buyers have been creeping back into the market, making up 30 percent of buyers in June, but slipping slightly in the following months of summer.
Rising home prices are good news for homeowners gaining equity and sellers, but they can hurt affordability. Here on Oahu buy a selling for $698,600 with a 20 percent down payment a buyer would need an income of $139,720, but fortunately home buyers have better options with several home financing tools offered by FHA, USDA and FNMA that allow for zero to 3.5 percent down. Before renewing or signing a new lease contact me to discuss your home buying options.
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A SIMPLE HOME SHOPPING INSPECTION TOOL
Organizing your home shopping experience affords a wise decision making process. This simple home inspection tool makes your ultimate buying decision a smart one. To print this document click on “Open in New Window” located at the lower right corner; click on “File”; then click on “Print”. In the center of the screen you will have the option to “Create A Printable PDF of the Presentation”.
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