The National Association of Realtors has released their July existing homes sales data.

slipped 0.2 percent to a seasonally adjusted annual rate1 of 5.75 million units in July from an upwardly revised pace of 5.76 million in June, and are 9.0 percent below the 6.32 million-unit level in July 2006… The national median existing-home price2 for all housing types was $228,900 in July, down 0.6 percent from July 2006 when the median was $230,200, the highest monthly price on record.

This data is derived from actual closings, so this reflects agreements signed in May and June. Currently the nation has over nine months of for sale inventory, the highest number in over two decades.

So what does this mean for Maui real estate? Directly not a great deal. We do note that the Western US had a better month than other parts of the country. These news reports do have a cumulative impact on the psychology of the market.  

For more information, contact us.