The Oahu real estate market held steady in July 2023, as competitive conditions and strong demand persisted. In many ways, the market is outperforming expectations, with higher sales than anticipated and even a slight increase in single-family home prices throughout the summer.

The Oahu real estate market held steady in June 2023. Home prices are stable and even rising slightly, and that trend is expected to continue into next year. Homebuyers are coming to terms with higher mortgage rates and, together with experienced lenders, are finding flexible borrowing solutions.

The Oahu single-family home median price surpassed $1.1M in May—the highest so far in 2023. Home sales also reached a high for the year last month and are trending up as we head into the summer home-buying season.

Although home sales continue to be lower than in recent years, the market is returning to typical seasonal patterns as homebuyers adjust to higher borrowing rates and sellers adapt to changes in demand. Neighborhoods with a low supply of for-sale housing are still competitive, while neighborhoods with growing inventory are exhibiting fewer bid-ups.