May Housing Report
Housing Stats for May 2025-
As summer approaches, inventory continues to build across Oahu’s housing market, creating more options for homebuyers with a Slowdown in Overall Sales Activity in May
In May, sellers added 392 new single-family home listings, including a 44% increase in the $800,000 to $999,999 range. Condo listings rose to 688, with nearly half priced between $300,000 and $599,999. Active inventory increased 27.8% for single-family homes and 54.8% for condos compared to a year ago. About one-third of single-family home listings and 40% of condo listings recorded price reductions.
The May Monthly Statistics Report shows:
Single-family home sales declined 5.6% compared to May 2024, totaling 235 closed sales. Condo sales fell 21.8% to 374 transactions.
The median price for single-family homes rose 8.3% from last May to $1,175,000. Condo prices ticked up 1.0% to $500,000.
Properties took longer to sell in May, reflecting more deliberation among buyers. Median days on market for single-family homes rose to 21 days, up from 14 just a year ago, and condominiums rose to 39 days, up from 25
Pending sales for single-family homes rose 13.1% while pending condo sales fell 8.3%.
“We are seeing an increasingly price-conscious and value-driven buyer mindset,” said Trevor Benn, President of the Honolulu Board of REALTORS®. “Higher borrowing costs, inflation, and rising carrying costs like maintenance fees are contributing to longer decision cycles. While overall sales volume has softened, especially in the condo market, we are still seeing movement in price-stable segments and specific regions.”
info courtesy of Honolulu Board of Realtors.
