Sales of O‘ahu Homes Cool Amid Rising Mortgage Rates

According to resales figures released today by the Honolulu Board of REALTORS®, rising mortgage rates are weighing on home sales. Year-over-year, single-family home and condo sales dropped 34.4% and 19.3%, respectively, and compared to August 2022, single-family home sales were down 11.5%, while condo sales dipped 2.4%. Pending sales activity was also muted compared to last year, with contract signings falling 43.7% for single-family homes and 30.7% for condos.

What's interesting to note is that even though the number of sales have been reduced for both single-family homes and condos, and days on market have increased, the median price has increased over last year during this same time period.

The market seems to have returned to a more normal pace including the steady increase in prices.