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 firstname.lastname@example.org.
Data via mortgagedailynews.com