August Market Report
The Oahu housing market in August exhibited moderate changes, with single-family home sales edging up 2.4% while condo sales decreased by 2.5%. Median prices remained relatively stable, with single-family homes dropping 1.5% to $1,105,500 and condos increasing 3.0% to $515,000. Notably, year-to-date sales remain below 2024 levels, with single-family homes down 2.2% and condos down 4.7%. Pending single-family home sales saw a significant jump of 28.5% compared to the previous year, indicating increased buyer interest in this sector. While condo sales remained steady, they took longer to sell, with both single-family homes and condos experiencing an increase in median days on market. Experts attribute this trend to a gradual easing of mortgage rates, which is influencing buyer behavior, particularly in the single-family home market.
President of the Honolulu Board of REALTORS®, Trevor Benn, stated that the gradual decrease in mortgage rates has energized the single-family home market. While the condo market remains stable, buyer behavior continues to be influenced by affordability challenges and longer listing times.
