After 2021 Surge, Oahu Housing Market Continues to Moderate in June 2022

There are some signs of moderation in the Oahu real estate market after an unusually strong year in 2021. The pace of sales is slowing for single-family homes and flattening for condos, and although prices are still rising, the rate of increase is lessening.

For-sale single-family home inventory increased in June 2022—an encouraging sign for homebuyers, although inventory remains at historically low levels. Competition is also stiff, and homes are selling quickly, in general.

The condo market is now more competitive than the single-family home market, as demand for condos— which are often less expensive and more plentiful—grows. As pressures on the condo market increase, prices will likely continue to rise.

Rising mortgage interest rates are affecting market activity, as some homebuyers—particularly first-time buyers—face reduced buying power. However, demand for Oahu housing is so broad, it’s unlikely that the market will be depressed by higher rates.