Oahu Housing Prices Rose in October 2022, Even as Sales Slip Again
One in Four Homes Sold in October Had at Least One Price Reduction
HONOLULU – (Nov. 7, 2022) – Locations—Hawaii’s leading real estate firm published its Oahu Residential Real Estate Report for October 2022.
- The Oahu single-family home median price increased by five percent from a year ago to $1,050,000. The condo median price was up three percent from a year ago to $517,000. Median prices for the third quarter of this year show the first sequential decline since the second quarter of 2020, down two percent for single-family homes and four percent for condos from the previous quarter.
- Single-family home sales fell by 43 percent from October 2021, while condo sales declined by 28 percent.
- Single-family homes were on the market for a median of 19 days in October, while condos were on the market for a median of 20 days—both eight days longer than a year ago.
- Bid-ups, one measure of competition, fell to 36 percent for single-family homes and 30 percent for condos in October—lower than a year ago, but about even with 2020 and above prior years.
- Months of Remaining Inventory is rising, at 2.2 months for both single-family homes and condos; however, Oahu’s housing supply remains historically low and unable to meet demand.
“Single-family home and condo sales were down again in October, a reflection of the decreased buyer activity that we began to see in the spring,” said Senior Vice President of Risk Management and Principal Broker for Locations John Connelley. “While demand continues to outpace supply, we expect the market will further moderate as inflation and rising interest rates persist.”
“Median single-family home and condo prices are higher than a year ago, but last quarter saw the first quarterly decline in median prices since the early days of the pandemic in 2020,” said Connelley. About 28 percent or around one in four single-family homes sold in October had at least one price reduction, while 25.2 percent or one in four condos had price reductions.
At more than 7%, mortgage rates are now the highest they’ve been in 20 years and more than double what they were at the beginning of 2022. Despite the Fed’s continued efforts to curb inflation, however, many economists expect that rates will hover around 6.0% to 6.5% in 2023. “Even though competitive pressures are easing, the market is still very competitive,” added Connelley.
“For decades, Oahu’s housing supply has been insufficient to meet the strong demand that comes from local and offshore buyers alike, and this period is no exception.”
Locations recommends that homebuyers and sellers partner with an experienced Realtor®, as local markets perform differently.
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