October Market Report
Oahu Home Sales Cool Amid Rising Mortgage Rates, Seasonal Slowdown
Fewer properties are selling at the original asking price or higher
Sales volume remained stable in October, with both single-family homes and condos experiencing moderate year-over-year declines of 4.1% and 8.3%, respectively. The median sales price for single-family homes in October increased 4.8% to $1,100,000 while condos experienced a minor 1.0% decrease, ending the month at $515,000.
Compared to the previous month, sales of single-family homes dipped by 8.2%, while condo sales showed an increase of 6.1%. Month-over-month, pending sales volume fell by 17.2% for single-family homes and 12.4% for condos.
“From September to October, we saw fewer buyers and sellers sign contracts, which may be the result of higher interest rates and the start of the standard shift in seasonal activity,” said Fran Villarmia-Kahawai, president of the Honolulu Board of REALTORS®. “We typically see real estate activity slow toward the end of the year as people focus on the holidays and spending time with family.”
Both single-family homes and condos saw a decline in properties closing at their full asking price or more. For single-family homes, 43% of sales (91 properties) closed at or above the asking price, down from 50% (111 properties) in October 2022. For condos, 38% of sales (151 condos) closed at or above the asking price, down from 48% of sales (208 condos) in October 2022. In total, 187 properties—the majority were condos—sold for under $500,000 in October.
