October home sales soar on Hawaii’s Big Island
Home sales on Hawaii’s Big Island soared in October, with increases of more than 25 percent from a year ago for both single-family homes and condominiums, but the median price of a condo fell by more than 25 percent, according to data provided by Hawaii Information Service on behalf of Hawaii Island Realtors.
There were 228 single-family homes sold on the Big Island last month, an increase of 40.7 percent from 162 homes sold in October 2016. The median price of those homes sold was $385,000, an increase of 1.3 percent from $380,000 in October of last year.
The median price of a condo dropped 26.6 percent to $265,100 in October, from $361,250 in October 2016.
The number of condos sold on the Big Island in October rose 25.8 percent to 73 units sold, from 58 units sold during the same month a year ago.
Hawaii has highest share of equity-rich homes
Hawaii had the highest share of equity-rich homes in the United States during the third quarter and Honolulu was among the five most equity-rich cities in the nation, according to a new report by Attom Data Solutions.
More than 14 million properties, or 26 percent of all U.S. homes, were equity rich in the third quarter, meaning the combined loan amount secured by the property was 50 percent or less than the market value of the real estate. The report also examined properties that are underwater — where the loan amount is at least 25 percent higher than market value — and found there are 4.6 million such properties in the U.S.
Hawaii led all states with the highest share of equity-rich properties at 41.9 percent, followed by California with 41.4 percent, New York with 35.7 percent, Oregon at 34 percent and Washington at 33.6 percent.
San Jose, California, led metropolitan statistical areas with populations of 500,000 or more with the highest share of equity-rich properties with 61 percent. San Francisco was second with 56.4 percent, followed by Los Angeles with 45.3 percent, Honolulu with 43.9 percent and the California cities of Oxnard, Thousand Oaks and Ventura at 38.7 percent.
“Median home prices nationwide are up 9.4 percent so far in 2017, the fastest pace of appreciation through the first three quarters of a year since 2013,” Daren Blomquist, senior vice president at Attom Data Solutions, said in a statement. “Continued home price appreciation is also helping to grow the number of equity-rich homeowners across the country compared to a year ago.”
[Reprinted from Pacific Business News]