September Market Update
O‘ahu Home and Condo Sales Slip in September
Year-to-date median prices show modest gains as third-quarter mortgage rates see gradual decline
In September, the O‘ahu housing market experienced a slight dip in year-over-year sales for both single-family homes and condos. Single-family home sales declined 6.5% compared to September 2023, dropping from 232 to 217 sales, while condo sales experienced a modest 2.7% decrease, with 366 sales compared to 376 a year ago. Year-to-date, single-family home sales are up 5.8%, while condo sales are down 5.6% from last year.
Our September Monthly Statistics Report shows:
The single-family home median sales price rose 6% year-over-year to $1,112,722, while the condo median price fell 2.8% to $517,500.
Mortgage rates showed a gradual decline throughout the third quarter. Although September ended with the average 30-year fixed rate hovering above 6%, this was over a full percentage point lower than a year ago.
Single-family homes maintained a median days on market under one month at 19 days compared to 20 days in September 2023, while condos recorded a median of 31 days, up from 21 days a year ago.
Active listings rose year over year in both markets–27.5% year-over-year for single-family homes with 755 listings, while condo listings skyrocketed by 58% with 1,887.
September added 351 new listings for single-family homes and 631 for condos, up 24.9% and 22.3%, respectively, compared to last year.
“While overall sales volume in both markets softened in September, we did see positive movement in new listings and active inventory, providing more options for prospective buyers,” said Fran Gendrano, President of the Honolulu Board of REALTORS®. “Paired with the gradual decline in mortgage rates, buyers may feel encouraged to enter the housing market in the coming months.”
