07/08/2022
Hey Buyers, time to get back into the mix! The market is slowly shifting in our favor.
HBR's latest stats report shows that housing sales volume on O‘ahu declined in June, as single-family home sales dropped 20.8% and condo sales dipped 14.2% year-over-year.
🏙 Condos set a new record for the second month in a row with a median sales price at $534,000, up 16.1% from a year ago and 3.4% above last month’s record of $516,500.
🏡 The median sales price of a single-family home increased 12.4% to $1,100,000 compared to last June.
“The rapid rise in interest rates is causing buyers to change tack and reevaluate their budgets and what they’re looking for in a home,” said Chad Takesue, president of the Honolulu Board of REALTORS®. “New listings are spending more time on the market compared to the frenzy in activity we witnessed last year. Sellers are also adjusting their strategies in response to market conditions. Over the past several months, we’re seeing more sellers decrease the asking price for their properties for single-family homes and condos,” Takesue added.
