Home Sales Up Month-to-Month, Still Lag Compared to Pandemic Housing Frenzy

Single-family home buyers and sellers enter contract more quickly in April

April witnessed an uptick in single-family home and condo sales. Single-family home sales rose by 26.0% year-over-year, totaling 262 transactions, and by 13.9% month-over-month. Similarly, condo sales saw a 2.6% rise compared to the same time last year, totaling 431 units sold and a 25.3% increase month-over-month.

 

In April, buyers and sellers for single-family homes entered contract quickly, with median days on the market decreasing to 17 from 24 days a year ago. Conversely, condos experienced a longer selling period, with median days on the market rising to 29 from 20 compared to last April.

 

HBR's April Monthly Statistics Report also shows:

  • Despite a change in momentum, sales remained subdued compared to recent years. April's average, based on a 12-month moving average, was about 40% below the peak averages of 2021 and 2022.
  • Median prices for single-family homes remained stable at $1,100,000, a 10% year-over-year increase, while condo prices reached $528,000, up 5.6%.
  • Single-family homes priced at $1,100,000 and above surged 50%, with 132 sales. Condos priced at $600,000 and above increased by 23.1%, while units within the lower price range of $300,000 to $399,999 decreased by 35.1%.
  • One-third of single-family home sales closed above the original asking price, compared to 25% in April 2023, indicating increased competition. Conversely, only 15% of condo sales closed above the original asking price, down from 22% last April.
  • Year-over-year, single-family home inventory grew by 15.5%, while condo inventory surged by 37.8%.

"Though home sales haven't reached pre-pandemic levels or the peak activity we noticed in 2021 and 2022, we’re seeing positive recovery signs for O‘ahu's housing market," said Fran Gendrano, president of the Honolulu Board of REALTORS®."The month-over-month rise in sales indicates buyers are active in the market despite higher mortgage rates."