Oahu Market Update: Home prices vibrant, despite rising interest rates

It’s true that the latest statistics compared to last year show a decline in activity. It was May 2022 when the Federal Reserve announced its plan to raise the federal funds rate to curb inflation. That was the impetus in the slowing of the market which is what the Fed intended. Yet, despite interest rate hikes and negative influences nationally, the local real estate market has remained vibrant.

This May 2023 resulted in the highest number of single-family home sales over the last eight months. Additionally, single-family home sales closed at 99% of the original list price reflecting the continued strong demand for homes on Oahu. Inventory of new single-family home listings are down 30% from last May while new condo listings are down 15%. Read on for more details and what you can expect.