After 12 months of declining sales, the slowing market is now affecting median home prices. For the first time since the summer of 2021, the single-family home median price dipped below $1M—a sign of reduced buyer competition. Although competitive pressures have fallen from the pandemic-economy surge of late 2020 to early 2022, Oahu is still a seller’s market. There is continued strong demand from both local and overseas buyers, and limited for-sale inventory and developable land insulates the market from some of the vulnerabilities seen in many Mainland markets.
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