Mortgage interest rates, which hit record lows in December 2020 before ticking up again this year, have been trending back down over the past several weeks. This week, mortgage interest rates fell to a low not seen since mid-February 2021, giving prospective homebuyers some additional buying power.

Single-family home and condo sales soared in June 2021, as more sellers listed their properties to capitalize on rising home values and thee fast-paced market. Prospective buyers are continuing to take advantage of historically low interest rates in anticipation of a potential rise later this year.

The Oahu real estate market continues to set new records in 2021, as historically low inventory and strong demand fueled by low interest rates pushed the single-family home median price closer to $1M in May. With one in two single-family homes bid up over the asking price, more prospective homebuyers are shifting their attention to the condo and townhome market, which has also seen demand surge this year.

Oahu single-family home inventory is at its lowest point in more than 40 years and condo inventory is dropping at an accelerating pace. Coupled with decades of pent-up demand, there’s no end in sight to current market conditions—making it an advantageous time for sellers and a critical time for homebuyers, especially first-time buyers.