Finally some good news. The NAR has released their monthly Pending Home Sales Index Report

based on contracts signed in June, was 5.0 percent higher from the downwardly revised May index of 97.5, but is 8.6 percent below June 2006 when it stood at 112.0.  This 5.0 percent monthly gain is the largest in more than three years, since a 6.1 percent increase in March 2004. Lawrence Yun, NAR senior economist, said it is encouraging that the increase occurred in all four major regions. “However, it is too early to say if home sales have already passed bottom,” he said.  “Still, major declines in home sales are likely to have occurred already and further declines, if any, are likely to be modest given the accumulating pent-up

Given the lousy news of the past few weeks, we'll take all the good news we can get. While this is only a single month, it nevertheless is a piece of positive information in what has been a sea of negative news reports. As we have noted in the past, while these reports do not speak to Maui directly, in our view, the do influence the mindset of mainland buyers coming to Maui in search of a vacation home.

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