After a bump in sales activity last month, the Oahu real estate market returned to a typical downward seasonal trend in November 2024. Locations expects single-family home sales to end the year up by around six percent, and condo sales to end the year down six percent. With a continued low supply of single-family homes, the median price will end the year four percent higher than last year. On the other hand, Oahu’s condo supply is at a 15-year high and rising, holding the median price flat.

The Oahu real estate market saw strong sales activity in October 2024, bucking typical seasonal trends. Both home and condo sales increased month-over-month and year-over-year, while market times dropped from the previous month and the percent of sales bid up over the asking price rose to a 13-month high for homes.

The Oahu real estate market continued to follow stable seasonal patterns in September 2024, with sales following typical trends, prices flat-to-slightly rising and homes are on the market for about 3 to 4 weeks. Lower mortgage rates and a generally positive economic outlook could drive increased sales activity in the coming months, as buyers and sellers regain confidence in the market.

Heading into fall, the economic outlook is generally positive for the Oahu real estate market. Mortgage interest rates are below 6.5 percent and will likely continue to edge slightly lower over the next several months. As rates come down, an increase in demand is expected, particularly among first-time homebuyers.