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Oahu Home Prices, Bid-Ups, Trending Up in August 2023

Despite rising interest rates, there is still strong demand for Oahu real estate. While single-family home and condo sales are lower than the previous two years, sales have been stronger than expected in summer 2023. Days spent on market have also been low. For-sale housing inventory remains flat, constraining home sales—with less than three months’ worth of homes and condos for sale, it’s still a sellers’ market.

The extent to which interest rates above 7% will affect home sales in the coming months remains to be seen. Available inventory and pending sales, lead indicators of market direction, show a small increase in market times and price reductions; however, both indicators are still below 2020 levels. Market indicators from closed sales show continued competitive conditions and strong demand.