New Construction throughout the State
Upcoming Housing Developments Hawaii. On October 9th 2020, Maui Now released an article, ” Hawaii has Authorized 1,527 New Housing Units in 2020″.
A new report provides upcoming housing elopements Hawaii. Analyzed data from the US Census Bureau’s Building Permits Survey shows that an estimated 1,527 new housing units in Hawaiʻi in 2020 to address the increasing pent-up demand – which equates to 107.5 units for every 100,000 residents.
Both new home sales and new home construction experienced a minor lull at the start of the year. However, both have now positively bounced back. New home sales have returned to previous levels and construction setting record highs.
The reasoning, various leading economists reports speculate, is due to the extremely low interest rates which are boosting demand in the real estate market. Immediately, they are resulting in an increase in mortgage applications and refinancing.
Not only this, delayed home buying had created a huge pent-up demand for new homes, with growing market preferences looking towards low-density areas, larger homes and work-from-home-friendly properties.
“It will take home builders years to bridge the gap between the existing supply of homes for sale and the large number of interested buyers,. However, investment in new housing varies significantly across the United States,” stated directly from www.Porch.com in their report.
In particular for Hawai’i investing in new housing, the report states that 1,527 new housing units have been authorized in 2020, as per the summary of data below:
- New housing units authorized (per 100k residents):5
- Total new housing units authorized: 1,527
- Total value of new housing units authorized: $577,332,000
- Median home price (all existing homes): $646,931
For comparison, United States data includes the following:
- New housing units authorized (per 100k residents):2
- Total new housing units authorized: 658,402
- Total value of new housing units authorized: $138,000,000,000
- Median home price (all existing homes): $253,527
For more information on the current market conditions, please speak with Kimberly at Living Maui Real Estate on (808) 359-1161. Owner and Principal Broker, she will help you discover the right investment opportunity, In addition, educate others on the upcoming housing developments throughout the islands, specifically Maui.
* To determine their report, www.Porch.com analyzed data from the U.S. Census Bureau’s Building Permits Survey. The survey covers new housing projects authorized by building permits. Home values are from the most recent Zillow Home Value Index, and population data is from the U.S. Census Bureau’s 2018 American Community Survey 1-Year Estimates.