Quarter 3 Housing Market Update

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Home prices rose both in most metropolitan areas and nationally in quarter 3 of 2017, according to the National Association of Realtors.

The median price of a single-family home nationally was $254,000, which is a 5.3 percent increase from the same time last year. In urban Honolulu the median price is nearly triple that of the national price at $760,200. In fact, this median price makes urban Honolulu the fourth most expensive housing market of Quarter 3. The following are the top 5 areas with the highest prices:

1. San Jose, CA $1,165,000,

2. San Francisco $900,000

3. Anaheim-Santa Ana, CA $790,000 

4. Urban Honolulu $760,200 

5. San Diego, CA  $607,000

In Quarter 3 housing markets were competitive as a result of strong economic growth in jobs and in the stock market, as well as low mortgage rates under 4 percent. Quick sales created little inventory, forcing home buyers to outbid others with the limited homes available. Affordability of homes went down.

For more information on buying or refinancing a home in Hawai'i, please contact Solid Rock Home Loans at (808) 255-7498 or by e-mail at ed@urockloans.com.

Data via mortgagedailynews.com