July 2022 – Oahu Home & Condo Sales Statistics

July 2022 - Oahu Home & Condo Sales Statistics

Sales of O‘ahu Homes, Condos Fall Nearly a Quarter in July

Properties continue to move into contract quickly despite cooling demand

Closed sales in both single-family home and condominium markets declined by 22.8% year-over-year. Sales also slipped from a month ago, down 12.6% for single-family homes and 17.3% for condos.

“Demand continued to cool in July, likely due in part to the rise in interest rates,” said Chad Takesue, president of the Honolulu Board of REALTORS®. “However, properties are still moving into contract quickly with median days on the market at 11 days for single-family homes and 12 days for condos last month, despite the decline in sales.”

Pending sales were down year-over-year 31.4% for single-family homes and 26.4% for condos. Fewer new listings were added to the market compared to a year ago, with 386 single-family home listings, a 17.7% year-over-year decline, and 616 condo listings, down 7.2% from last July. However, the active inventory of single-family homes was 38.8% more than last year, and the active inventory of condos was up 8.4%.

March 2019 Oahu Housing Inventory

Oahu Housing Inventory

“Oahu’s housing market remains healthy as the spring season begins, and there are favorable opportunities present,” said Jenny L. Brady president of the Honolulu Board of REALTORS®. “Inventory levels have been rising steadily, offering more options at all price ranges. That, coupled with the recent decline in mortgage rates creates opportune circumstances for buyers. Partnering with a licensed REALTOR® is a great first step to ease the transition from browsing to buying.”