Competitive Conditions Ease as Oahu Home Sales Slow in July 2022

There are more signs of easing in the Oahu real estate market in summer 2022, on the heels of last year’s supercharged market. Changes in homebuyer sentiment and decreased open house traffic that began to emerge last spring are now showing up as slowing sales. However, even as the market moderates, competitive conditions are still present due to persistently low housing supply and strong buyer demand.

While higher interest rates have affected purchasing power, there are some bright spots for buyers. For-sale inventory is increasing, and although prices are still rising, the rate of increase is not as sharp as it had been.

As we head into fall, we expect the convergence of factors like higher mortgage rates, inflation, recession fears, global unrest and supply chain disruption will continue to temper the market.