Oahu Real Estate Market Softened but Still Competitive in November 2022

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.

The single-family home median price is slightly higher than a year ago; however, the condo median price fell below 2021 levels for the first time last month. Locations expects to see median prices level off as we head into the new year. In November, about one in four sellers lowered their asking prices at least once.

Even though some buyers face affordability challenges and continued competition, particularly in entry- and mid-level price ranges, the good news is that inventory is rising. In the single-family home market, housing supply more than doubled from a year ago. Condo inventory, while still below 2020 levels, is also steadily rising.