Even as the single-family home median price hit a new high in May 2022, there are some signs that the market is beginning to moderate, including four consecutive months of falling sales and a slight increase in inventory for single-family homes. However, competition is still stiff, with low Days on Market and high bid-ups.
The condo market has become increasingly competitive as demand for more accessible price points has ramped up. There were nearly one-third fewer condos for sale in May than a year ago, and more than four in 10 condos were sold for above the list price in May.
Relatively higher mortgage rates will help to temper aggressive market conditions, as entry-level buyers may have more difficulty competing for homes. However, since demand for Oahu housing comes from so many directions, it’s unlikely that higher rates will have much of an effect on the market.
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