Oahu Market Report
Sales of O‘ahu Homes, Condos Fall Nearly a Quarter in July
Properties continue to move into contract quickly despite cooling demand HONOLULU -According to resales figures released today by the Honolulu Board of REALTORS®, closed sales in both single-family home and condominium markets declined by 22.8% year-over-year. Sales also slipped from a month ago, down 12.6% for single-family homes and 17.3% for condos.
“Demand continued to cool in July, likely due in part to the rise in interest rates,” said president of the Honolulu Board of REALTORS®. “However, properties are still moving into contract quickly with median days on the market at 11 days for single-family homes and 12 days for condos last month, despite the decline in sales.”
(Source: Honolulu Board of Realtors)
Rising Interest Rates Cause Ripple Effects Across O‘ahu’s Housing Market
REALTORS® see decreased sales volume, reduced asking prices, active listings up for longer. According to resales figures released today by the Honolulu Board of REALTORS®, housing sales volume on O‘ahu declined in June, with single-family home sales down 20.8% and condos dropping 14.2% year-over-year. However, sales volume is still up compared to pre-pandemic 2019 levels, with single-family home sales up marginally at 9.2% and condos well ahead at 32.3%.
The median sales price of a single-family home increased 12.4% to $1,100,000 compared to last June. Condos set a new record for the second month in a row with a median sales price at $534,000, up 16.1% from a year ago and 3.4% above last month’s record of $516,500. Properties continue to move into escrow in under two weeks, though single-family homes spent 10 days on the market in June compared to just eight days last year, and condos remained steady at 11 days on the market.
(Source: Honolulu Board of Realtors)
