According to recent results released by a leading measure of U.S. home prices, the S&P/Case-Shiller Home Price Indices, home prices in the United States are showing impressive gains throughout the nation.
How impressive? Year to date statistics ending in March of 2013 show a solid rise in home prices of 10.9% over the previous period. This equates to the biggest increase in home prices in nearly seven years. Additionally, of the twenty cities surveyed, all posted annual gains for a third month straight. Adding to this fantastic news is additional data showing US consumer confidence throughout May also rose to a record five year high.
What does this say about the Maui home market specifically, and the national home market in general? As we have been saying for a few months now, the Maui real estate market has definitely been seeing an upward trend; with prices steadily marching back toward pre-crash levels, and inventory steadily changing hands throughout the standard and luxury real estate sectors on Maui.
The question remains however; is this the right time to buy a home or condo on Maui? While we can’t speak for everyone’s individual situation, if you are ready to purchase but have been waiting for that perfect piece of Maui real estate at the “perfect” price, we suggest not waiting any longer as current data certainly suggest a continued upward trend in home prices for the foreseeable future.