The Oahu single-family home median price dropped by one percent from December 2021 to $1,042,500 the first decline in 30 months. The condo median price increased by three percent from last year to $500,000. Single-family home sales fell by 42 percent from December 2021, while condo sales declined by 40 percent. Month-to-month, sales were up in December, following typical seasonal trends.

Oahu housing inventory continues to rise as sales fell short in November, compared to the previous year. Although higher mortgage interest rates and record inflation are contributing to a pullback by homebuyers and sellers, competitive conditions remain the norm.

Locations Lead Real Estate Research Analyst John Jacobson and Locations Senior Manager of Marketing and Communications Taizo Braden discuss the Oahu condo market in October 2022 and offer insights for homebuyers and sellers.