Rising mortgage rates are weighing on home sales. Year-over-year, single-family home and condo sales dropped 34.4% and 19.3%, respectively, and compared to August 2022, single- family home sales were down 11.5%, while condo sales dipped 2.4%. Pending sales activity was also muted compared to last year, with contract signings falling 43.7% for single-family homes and 30.7% for condos.
Median sales prices remained relatively flat over the last several months and saw a slight bump up compared to the same time last year. In September, the single-family home median was $1,100,000, up 4.8%, while the condo median sales price was $502,500, a 5.1% increase from a year ago.
New listing volume continued to fall, declining 26.2% for single-family homes and 18.6% for condos from a year ago. However, properties are spending more time on the market. The median days on market for single-family homes rose to 18 days, compared to 9 days in September 2021, and condos marked 14 days in September, compared to 11 days during the same period last year. Although active inventory increased, up 43.9% and 10.8% for single- family homes and condos, respectively, it is approximately 40% below its 2019 pre-pandemic level.
Fewer single-family homes and condos are closing above the asking price, with 36% of single- family homes sold above the original offer compared to 64% in September 2021 and 29% for condos compared to 40% during the same time last year.
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Jodi Mews, Principal Broker RB-21985
(808) 260-6684
Jodi@jodimews.com
www.jodimews.com
Fathom Realty Hawaii RB-21468
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