Oahu’s housing market softened in September even as declining mortgage rates made buying homes more attractive.
The median price for
single-family homes rose
6% to $1,112,272 in September from $1,050,000 in the year-earlier period, but sales declined 6.5% to 217 from 232, according to resale
data released Sunday by the
Honolulu Board of Realtors.
Condominium sales dipped 2.8% to $517,500 from $532,500, while sales eased 2.7% to 366 from 376.
The median price means half the prices were above and half below the given price.
“While overall sales volume in both markets softened in September, we did see positive movement in new listings and active
inventory, providing more options for prospective
buyers,” Honolulu Board of Realtors President Fran Gendrano said in a statement. “Paired with the gradual
decline in mortgage rates, buyers may feel encouraged to enter the housing market in the coming months.”
There were 351 new listings in September for single- family homes, up 24.9% from a year ago, and 631 new listings for condos, up 22.3% year over year.
Active inventory held steady month over month and shifted less than 1%. But compared with the year-earlier period, inventory skyrocketed 27.5% for single-family homes with 755 active listings and jumped 58% for condos with 1,887 active listings.
The average rate on a
30-year mortgage fell for
six straight weeks before
increasing to 6.12% last week from 6.08% the previous week — its lowest level in two years. A year earlier the rate averaged 7.49%.
“In addition to the changes in interest rates, we are also working to understand the influence of rising condo insurance and maintenance costs on the market,” Gendrano said.
Bidding wars have abated as only 29% of single-family homes closed above their asking price, compared with 38% in September 2023. Similarly, only 15%
of condos closed above their asking price, compared with 20% a year ago.
