O’ahu Single Family Home and Condo Sales Slow in May
According to HBR's latest market report, Oʻahu’s housing market recorded a slowdown in overall sales activity in May, particularly in the condominium segment. As the summer season approaches, inventory continues to build across O‘ahu.
Single-family home sales fell 5.6% year-over-year, while the median sales price rose 8.3%. The median days on market for single-family homes was 21 days, up from 14 days last May.
Condo/townhome sales dropped 21.8% as the median condo price ticked up 1%. Condo units saw a median days on market of 39 days, two weeks longer than a year ago.
With new listings up in both markets, the month ended with 818 active single-family home and 2,556 condo listings, up 27.8% and 54.8%, respectively, from May 2024.
May 2025 Report also shows:
- Buyer activity was mixed across single-family and condo markets, but picked up in several neighborhoods. Pending sales for single-family homes rose 13.1% overall, with strong gains in ‘Ewa Plain (41.5%) and Diamond Head (46.4%). Pending condominium sales fell 8.3% overall but rose 33.3% in both Central Oʻahu and Pearl City.
- As of early June, the 30-year fixed-rate averaged 6.85%, according to Freddie Mac. Higher borrowing costs and rising fees are prompting more cautious decision-making, especially among condominium buyers who continue to prioritize affordability.
“We are seeing an increasingly price-conscious and value-driven buyer mindset. Higher borrowing costs, inflation, and rising carrying costs like maintenance fees are contributing to longer decision cycles. While overall sales volume has softened, especially in the condo market, we are still seeing movement in price-stable segments and specific regions. REALTORS® remain key partners in helping buyers and sellers stay informed and adapt to changing market dynamics. Todayʻs buyers are more selective, and sellers are learning to respond with competitive pricing and patience,” said Trevor Benn, President of the Honolulu Board of REALTORS®.
