HONOLULU--The Honolulu Board of REALTORS® today released its resale figures for the month of February. According to the analysis conducted by the Board's Research Department, using data from the computerized Multiple Listing Service system, the statistics were:
Freeman continued, " We are concerned with the recent fluctuations in bond rates. They increased mortgage rates by about a half percent. Although long-term, 30-year fixed rates are lower than a year ago, these rates have risen to where they stood about six months ago. If this mortgage rate trend continues, it could adversely affect the affordability of homes for real estate buyers. It may also put a damper on the renewal of strength we've seen in the housing market since mid-1997. A situation like this occurred in 1994 when the US Federal Reserve forced extensive increases in loan rates. Short-term rates, used as the basis of Adjustable Rate Mortgages, are not affected quite as much and are still low. "
Freeman also stated, " The public is encouraged to visit the Board's Internet web site, Hawaii Real Estate Central, to see what's happening in the housing market. We've provided the public with the ability to search through Oahu single family home and condominium listings, both available for sale and for rent, and to see those homes that will be open to visit this Sunday. All searches can be done by geographic location, price range or both. In addition, there is a lot of useful information about buying and selling real estate in Hawaii."
The Honolulu Board of REALTORS® is in its 77th year of service to Oahu and is one of the largest of 1,600 boards of REALTORS® in the nation. It is also the largest trade organization on Oahu. Membership, which numbers approximately 3,700, is available to licensed real estate brokers and agents who agree to adhere to a strict Code of Ethics.
(This report reflects information about resales of existing properties only and does not include new home sales. All of the MLS information is compiled from sales reported during the cited months; this data is known only after closing of escrow. The time delay between the signing of a sales contract and the closing of escrow is usually between two and four months.)
© 1995-2012 Honolulu Board of REALTORS®. All rights reserved.Information herein deemed reliable but not guaranteed.
Note: Honolulu Board of REALTORS® receives inquiries seeking professional advice; however the Honolulu Board of REALTORS® staff is not qualified, nor licensed, by the state of Hawaii to properly address real estate or legal issues. For questions concerning these issues, consult with either the Hawaii Real Estate Commission, your Principal Broker, or an Attorney.