September Market Report
O‘ahu Home Sales Slow as Mortgage Rate Rises
September sales volume down by double-digits, properties spend approximately three weeks on market
The O‘ahu single-family home market maintained a 12-month rolling average of over 200 sales, with 232 properties sold last month, reflecting a year-over-year decline of 16.5%. However, the condo market 12-month sales average fell below 400 sales for the first time since January 2021. Three hundred and seventy-six condos sold last month, marking a 24.2% dive in sales volume compared to September 2022.
In September, the median sales price for single-family homes dipped by 4.5% compared to the previous year, reaching $1,050,000 by month-end. Meanwhile, condos experienced a 6.0% year-over-year increase, with a median sales price of $532,500.
“As the third quarter ended, average U.S. mortgage rates held above 7%, reaching the highest level in more than 20 years,” said Fran Villarmia-Kahawai, president of the Honolulu Board of REALTORS®. “While the interest rate has presented some challenges, we continue to see strong demand from buyers and sellers who receive offers more than the original asking price.”
Approximately 9% of single-family home sales closed at full asking price, while 38% sold above original asking price. Meanwhile, 22% of condo sales received full asking price and 20% of condo sales closed above the original asking price.
