Maui County home sales fell by more than 50% for condos and 20% for single-family houses last month, as rising mortgage rates and record-high sales prices pushed out buyers.
Still, July’s median sales price for single-family homes rose 5% year over year to $1.1 million, according to the Realtors Association of Maui report released Wednesday. Condos were up 11% to $789,500 compared to the same month last year.
Single-family home prices set records four times this year, with June reaching the all-time high at more than $1.25 million.
On a national level, the housing market has been cooling due to soaring homeownership costs. Buying a home is 80% more expensive now than it was three summers ago, according to a National Association of Realtors report.
“As more and more prospective buyers find their home purchase plans delayed, many are turning to the rental market, where competition has intensified due to increased demand,” the report said.
On Maui, single-family home sales fell 20% to 88 units last month. Pending sales declined more than 40% to 70 units. And new listings dropped about 39% to 76 units.
Meanwhile, inventory ticked up 6.5% to 262 units.
Homes were on the market before selling for 105 days, a 5% reduction from the previous year. The percentage of list price received was flat at 98.5%.
When it comes to condominiums, sales plummeted nearly 53% to 99 units. Pending sales fell 40% to 95 units. New listings declined 17% to 103 units.
Inventory saw a big jump of 42% year over year, though. There were 232 units for sale last month compared with 164 in July 2021.
Condos were on the market for 76 days, a 37% reduction from the same timeframe last year. The percentage of list price received was flat at 99%.
For the month of July, the only areas with median sales prices under $1 million for single-family homes were in Kahului, $957,500, Makawao/Olinda/Hāliʻimaile, $921,000, Pukalani, $925,000, Spreckelsville/Paia/Kuau, $902,500, Wailuku, $929,000 , Lānaʻi, $$709,375 and Molokaʻi, $685,000.
The areas with the highest median sales prices were Wailea/Mākena, $5.3 million, Kapalua, $5.2 million, and Hāna, $2.75 million.
Wailuku saw the most units sold at 13, followed by Kīhei and Kahului at 12 each.
For condos, the areas with the lowest median sales prices were Kahului, $207,500, Molokaʻi, $187,500, and Wailuku, $520,000.
The areas with the highest median sales prices were Lānaʻi, $3.4 million, Wailea/Mākena, $1.69 million and Kaʻanapali, $1.67 million.
Kīhei had the highest number of units sold at 36 and Napili/Kahana/Honokowai and 24.
At a time of year when homebuying activity is typically very strong, soaring homeownership costs have caused home sales to decline nationwide for the fifth consecutive month, with existing-home sales falling 5.4% month-to-month and 14.2% year-over-year as of last measure, according to the National Association of Realtors.
“The US housing market has continued to cool, as rising mortgage rates and record-high sales prices have stifled affordability, weakening demand and pricing out a multitude of buyers,” it said.
July’s 30-year fixed rate mortgage average was more than 5%.