After 12 months of declining sales, the slowing market is now affecting median home prices. For the first time since the summer of 2021, the single-family home median price dipped below $1M—a sign of reduced buyer competition.

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.

On December 2, 2022, Locations Associate Partner and Realtor® Cannie Chum was recognized by the Honolulu Board of REALTORS® with a prestigious Aloha ‘Āina REALTOR® Award for exceptional client service. Her client's nomination was selected by a panel of judges from more than 1,500 nominations.