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The Oahu single-family home median price surpassed $1.1M in May—the highest so far in 2023. Home sales also reached a high for the year last month and are trending up as we head into the summer home-buying season.
Although home sales continue to be lower than in recent years, the market is returning to typical seasonal patterns as homebuyers adjust to higher borrowing rates and sellers adapt to changes in demand. Neighborhoods with a low supply of for-sale housing are still competitive, while neighborhoods with growing inventory are exhibiting fewer bid-ups.
After a slow start to the year, there are signs that the Oahu real estate market is returning to typical seasonal patterns this spring.
The Oahu real estate market notably softened in February, as homes sat on the market longer and instances of multiple offers continued to decrease. However, pending sales are trending up—an indication that there is still demand in the marketplace.
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