02-05-2008, 09:47 AM
"The median price of a Big Island single-family home in January was $324,000, down from $405,000 during the same month last year, according to statistics provided by Hawaii Information Service." -- quoting from MSN bizjournal. (Thanks for the link, Damon.)
Wow, that's a 20% drop. Quite steep, even though it's just one month and a smaller sample size. Market timing is always dicey, but people seem reluctant to buy in a falling market because a) they think they may get something for even less in the future, and b) they don't want to end up owing more than the property will be worth in the short to medium time frame. Do I see a vicious circle here? The stock market ain't so great, either. Oh, well.
Hard to be cheerful about the economy, but at least it's raining less,
Jerry
Wow, that's a 20% drop. Quite steep, even though it's just one month and a smaller sample size. Market timing is always dicey, but people seem reluctant to buy in a falling market because a) they think they may get something for even less in the future, and b) they don't want to end up owing more than the property will be worth in the short to medium time frame. Do I see a vicious circle here? The stock market ain't so great, either. Oh, well.
Hard to be cheerful about the economy, but at least it's raining less,
Jerry