Oahu’s housing market was largely flat in October as 30-year mortgage rates continued to rise and discouraged potential buyers and sellers.
There was little to no movement in the median price of single-family homes and condominiums, according to recent data from the Honolulu Board of Realtors. Only resales of single-family homes were encouraging, with a 22.5% gain as 261 exchanged hands compared with 213 a year earlier.
But the rest of the housing picture was stagnant as the median price for single- family homes remained unchanged at $1.1 million from a year earlier, condominium prices inched up 1.9% to $525,000 from $515,000 and condo sales edged up 1.5% to 405 from 399.
The median price means half the prices were above and half below the given price.
Still, Honolulu Board of Realtors President Fran Gendrano painted a positive outlook on the scenario.
“With an uptick in sales across both single-family homes and condos, coupled with stable median prices, O‘ahu’s housing market shows resilience entering the fourth quarter,” Gendrano said in a statement. “With increased inventory and new listings, prospective buyers have more flexibility to find the home that best fits their needs.”
Rising rates, however, can add hundreds of dollars a month in expenses for borrowers and reduce their purchasing power.
The average rate on a 30-year mortgage rose to 6.84% last week and reached its highest level since July.
For prospective buyers on Oahu, there is more to choose from as inventory for single-family homes rose 18.4% year over year to 741 and inventory for condos increased 49.8% to 1,957 by the end of October.
Single-family home inventory increased the most in the Central, Diamond Head, Kailua, Kaneohe, Leeward and North Shore regions, while condo inventory more than doubled in Diamond Head, Hawaii Kai and the North Shore.
New listings increased year over year in October, with single-family homes rising 9.6% to 298 and condos up 5.5% to 597.
Median days on the market were mixed compared with a year ago with single-family homes at 16 days, down from 18, and condos at 26 days, up from 21.
HOME SALES
The number of homes sold on Oahu in October with the median price and percentage change from the same month last year:
HOMES
SALES MEDIAN PRICE
October 2024 261 $1,100,000
October 2023 213 $1,100,000
Change 22.5% 0.0%
CONDOS
SALES MEDIAN PRICE
October 2024 405 $525,000
October 2023 399 $515,000
Change 1.5% 1.9%
Source: Honolulu Board of Realtors
