The National Association of Realtors has come out with their latest report on the current state of the real estate market this week and it looks like over all, nationally, we are now in a definite Buyers' Market. There is a wide selection of homes available on the market in many areas, and a certain weakness in selling prices, allowing Buyers to find a good bargain, especially through negotiation.  

The situation is quite the same in Honolulu, with listings up dramatically from a couple of years ago, but prices remain fairly level and listings are not remaining on the books quite as long this year as in 2006.

The outlook for real estate prices is good, however, both nationally and in Honolulu, the NAR states, as profit margins come under pressure and builders limit new construction into 2008. With these conditions in mind, NAR estimates that home prices nationally are likely to rise 1.8 percent next year after a 1.4 percent decline this year.

* Statistics are from the NAR Newsletter dated July 16, 2007.