August 2020 Oahu Real Estate Report: Oahu Home and Condo Sales Rebound

Oahu single-family home and condo sales have rebounded after dipping in the spring, as mostly local homebuyers are taking advantage of low interest rates to move to larger or more comfortable homes. A rise in remote work has also allowed some workers to consider neighborhoods outside the urban core that they may have previously excluded due to commute times. Already extremely competitive West and Central Oahu markets, like Ewa, Mililani and Pearl City, are becoming even more competitive as homebuyers look for larger floorplans and outdoor space. Sellers in these markets are at an advantage. With interest rates at all-time lows again—less than three percent for a 30-year fixed mortgage—homebuyers have increased purchasing power heading into the fall.