Year-over-year sales of existing single-­family homes on Oahu dropped nearly 42% in October, as compared to 2021, and condo sales dropped nearly 29%. High interest rates coupled with Hawaii’s astronomical home prices are putting purchases out of reach for more would-be buyers, and others are holding off to see what happens next with the economy.

The slowdown in sales hasn’t yet pushed prices down much from their record-setting levels: Median sale prices for single­-family homes and condos remain up year-over-year. Single-family homes have been priced at or above $1 million for 15 months running; and condo prices hit $520,000 in October, the second-­highest price ever.