O'ahu Housing Market Sees Modest Shifts in July Activity

Sales prices dip slightly while pending sales and active inventory remain strong

As summer winds down, O'ahu's housing market showed signs of cooling in July, with single-family home sales down 7.4% year-over-year to 249 units, while condo sales remained unchanged at 398 units. Year-to-date sales were down in both markets, declining 2.9% for single-family homes and 5.1% for condos. In the single-family home market, sales between the $800,000 and $999,999 range increased by 20% and accounted for nearly one third of all transactions. For condos, units priced between $300,000 and $499,999 made up the largest portion of sales, increasing 10.9% compared to a year ago.

Highlights from our July Monthly Statistics Report include:

• The median sales price declined in both markets. Single-family home prices dropped 5.7% year-over-year to $1,075,000, while condo prices decreased 3.7% to $490,000.

• Buyers took more time to make decisions in July. The median days on market rose to 20 for single-family homes and 50 for condos, up from 15 and 30 days, respectively, a year ago.

• Active inventory was higher than a year ago, up 18.0% for single-family homes and 31.7% for condos. New listings rose 1.7% for single-family homes to 369, while condo listings fell 4.3% to 647.

• Despite steady mortgage rates, contract signings grew by 9.8% year-over-year for single-family homes and 13.2% for condos, with 280 and 430 pending sales, respectively.

"While prices softened and more inventory became available, buyers appeared more strategic in July," said Trevor Benn, President of the Honolulu Board of REALTORS^®. "With more options on the table, we saw decision timelines extend, especially in the condo market. Rising pending sales and increased buyer activity show promising signs that market confidence remains intact. The trends we're seeing, particularly in specific price points and neighborhoods, point to a resilient, adaptive market," added Benn.