In July, Hawaii’s real estate market saw a significant increase in single-family home sales, up 20.1% from the previous year, reaching 269 transactions. Meanwhile, condominium sales dropped by 7.8%, with 389 units sold. Despite these year-over-year differences, both markets saw modest month-over-month improvements, with single-family home sales rising 4.3% and condo sales increasing by 9.6%. Median sales prices also saw slight gains, with single-family homes reaching $1,140,000 (up 4.6%) and condos at $509,000 (up 1.8%).

Fran Gendrano, president of the Honolulu Board of REALTORS®, highlighted that while there is mixed performance year-over-year, July’s uptick in activity is typical for the season. She noted that demand and median prices remain steady, especially in the single-family market, though there’s a growing inventory that buyers should be aware of. Gendrano emphasized the importance of working with a REALTOR® to navigate the market’s evolving dynamics, including interest rates and policy changes.

Single-Family Home Resales

Condominium Resales

Source: HiCentral

Active inventory continued to rise across both markets, with single-family home listings up 10.6% and condo listings increasing by 8% month-over-month. Notably, new listings surged, particularly in the $600,000 to $999,999 range for single-family homes and the $300,000 to $599,999 range for condos. With inventory levels higher than last year, buyers have more choices, though condos saw the largest increase in available units, more than doubling in some price ranges.