Today the NAR released the national pending sales results for May. Below are some key snippets and the likely impact on Maui real estate.

The Pending Home Sales Index,* a forward-looking indicator based on contracts signed in April, rose 6.3 percent to 88.2 from a reading of 83.0 in March. It’s the highest index since last October, but remains 13.1 percent lower than April 2007 when it stood at 101.5…The PHSI in the West rose 8.3 percent to 98.8 in April and is 4.0 percent higher than April 2007.

What this says is the the price declines we have seen on the mainland is now, finally, beginning to generate some increasing demand. This is particularly true in the western US. Maui real estate, particularly high end like Maui oceanfront real estate and the major resorts has still remained reasonably robust given all that has gone on. But robust does not mean immune. For more details, contact us.