The Office of Federal Housing Oversight’s third quarter report is out. Home prices appreciated at the slowest price in almost a decade in the third quarter, an annualized rate of only 3.45%.

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Third quarter GDP, the broadest gauge of economic activity, was revised upward to 2.2% today from the initial estimate of 1.6%. That is unambiguously good news for the US economy.  New Home sales in October fell but prices jumped in comparison to September. That may well indicate that the record drop in prices in September was an anomaly. Fed Chairman Bernanke spoke encouragingly about the next several quarters though the tight labor market is of concern.

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Of course, we here on Maui cherish our humpback whales and look forward to their annual migration. They are majestic creature and display behaviors that even naturalists struggle to explain. Could this be part of the reason?

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From the Maui News

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In the last week in Wailea Ekahi, unit 8-D, a one bedroom in a great location, listed for $1.29 million has gone into escrow, unit 48-E, a one bedroom has been listed for $950,000 and unit 52-D, a one bedroom on the market for three months has lowered its asking price from $735,000 to $710,000. For more information, see Current Listings above.

Over the past week in Maui the activity level has really accelerated. An oceanfront estate in Makena listed for $20 million has gone into escrow after less than two weeks on the market, as have a $7 million dollar listing in Wailea Highlands, and a $4.95 million condominium in Wailea Point. Kai Malu units have had their initial eleven closings this week. Thirteen Kihei and Wailea properties have gone into escrow in the past seven days. We are also seeing the beginnings of current owners of Maui properties  listing properties for sale in the present selling season.

Tom, Sean and Dan would like to thank you all for your business this past year and to wish you and yours the Happiest of Thanksgivings. We’ll be back when we have recovered from our excessive turkey consumption.

According to a Wall Street Journal survey of forty nine economists, the worst of the housing downturn is over. The article is here.

Wailea Ekahi unit 2-B is the latest condominium to go into escrow. This one bedroom had been on the market for a month and is listed for $1.399 million. Eight Wailea Ekahi condominiums are still for sale. For more information click on Current Listings above. Five Wailea and Makena condominiums have gone into escrow in the last week and for sale inventory remains at approximately 85 units.