Single-family home sales dip slightly, but that’s not stopping prices from hitting new highs

HONOLULU (HawaiiNewsNow) - The median price for a single-family home on Oahu is now at $1,153,500, according to the latest figures released by the Honolulu Board of Realtors Monday.

Median condo prices hit $516,500. Both figures are new record highs for Oahu’s real estate market.

Despite the ongoing climbing of median prices, the group says the single-family home market showed small signs of cooling as there was a drop in closed sales compared to a year ago.

Homes below $1 million saw the most notable drop in sales activity, down 41.2% compared to May 2021. Most places around Oahu were down in sales with the exception of Mililani and Wahiawa.

“As interest rates and median sales prices rise, the question of what families can afford is clearly impacting market dynamics,” said Chad Takesue, president of the Honolulu Board of REALTORS®. “We see this reflected in the active inventory of single-family homes, which rose 39.8% from a year ago. Though we’re still lagging behind pre-pandemic levels, this increase in much-needed inventory gives prospective buyers more options to choose from across the various price points.”

Condo sales rose steadily by 15% with deals in the $700,000 to $899,999 range doubling from a year ago. Metro Honolulu accounted for a bulk of the increase.

“Both markets continue to experience two trends: properties selling at a near-record pace of fewer than two weeks and buyers bidding over the asking price to secure their desired property,” Takesue added.

Real estate experts also say because sales are slowing in some categories, inventory is slowly becoming more available, though Hawaii’s housing market continues to be in high demand.

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