Oahu’s housing activity is slowing with the holiday season in full swing.

Even though single-family home and condominium sales showed modest year-over-year gains in November, seasonal trends resulted in a decline from the previous month.

Single-family home sales rose 12.8% in November to 203 from 180 a year ago but fell 22.2% from October, according to a recent report from the Honolulu Board of Realtors. The median price inched up 1.4% year over year in November to $1,115,000 from $1,100,055 a year earlier.

Condominium sales increased 10% in November to 341 from 310 a year ago but dropped 15.8% from October. The median price edged up 2.7% year over year in November to $530,000 from $516,179 a year ago.

The median price means half the prices were above and half below the given price.

“Although seasonal trends produced a drop in sales from a month ago, the uptick in sales year-over-year in both single-family home and condo markets was positive,” Fran Gendrano, immediate past president of the Honolulu Board of Realtors, said in a statement. “We also continued to see more sellers offering properties for sale compared to a year ago and sustained demand from prospective buyers, resulting in a balanced market.”

Besides prospective homebuyers’ reluctance to move during the holiday season, mortgage rates also have been mostly rising since the Federal Reserve cut its benchmark interest rate by half a percentage point in September and a quarter-point in November. While that should have been good news for buyers, the 10-year Treasury yield, which lenders use as a guide to price home loans, has mostly moved higher.

Still, the average 30-year mortgage rate dropped to 6.69% last week, its lowest level since late October, and possibly could move lower when the Fed announces its next rate decision Dec. 18. Most economists are expecting another quarter-point rate cut.

The length of time that Oahu properties were on the market was mixed in November.

Single-family homes that sold in November on Oahu spent slightly less time on the market, marking a median of 24 days, compared with 29 days in November 2023. The condo median days on the market lengthened to 32 days, compared with 23 a year ago.

Chief Sales Officer Chad Takesue of the Locations real estate firm said the outlook for the Oahu market is positive though somewhat tempered by uncertainty.

“Rising mortgage rates over the past two years have contributed to some hesitation from homebuyers and sellers,” he said in a statement. “However, as rates in the mid-six-percent range become the norm, I think we will see more movement in the market as new condominiums come online in Honolulu’s urban core and personal factors, like a new job or an expanding family, draw buyers from the sidelines.”

Takesue called the downward seasonal trend in November “typical” and said Locations expects the Oahu market to end the year with single-family home sales up by around 6% and condo sales down 6%.

“With a continued low supply of single-family homes, the median price will end the year four percent higher than last year,” he said. “On the other hand, Oahu’s condo supply is at a 15-year high and rising, holding the median price flat.”

HOME SALES

The number of homes sold on Oahu in November with the median price and percentage change from the same month in 2023:

HOMES

SALES MEDIAN PRICE

November 2024 203 $1,115,000

November 2023 180 $1,100,055

Change 12.8% 1.4%

CONDOS

SALES MEDIAN PRICE

November 2024 341 $530,000

November 2023 310 $516,179

Change 10.0% 2.7%

Source: Honolulu Board of Realtors