NATIONWIDE

Existing-home sales have declined for the second consecutive month, dropping by 3.4% nationwide due to higher interest rates affecting buyer affordability. Compared to the same period last year, sales are down by 23%, and contract signings have decreased by 20.3%. While some regions have seen declining sales prices, nationally they have decreased by 1.7% year-over-year, although more affordable markets continue to experience price gains.  With limited supply and homes selling quickly, the average time a home spends on the market is slightly over three weeks, according to the NAR.

MAUI INFORMATION

New listings have decreased for both single-family and condominium homes, while pending sales increased for single-family homes but decreased for condominiums. Inventory has increased for both types of homes. Median sales prices have risen for single-family homes and condominiums. The days on the market have decreased for single-family homes but increased for condominiums. The months supply of inventory has increased significantly for both types of homes. The combination of fluctuating interest rates and low inventory levels has contributed to lower home sales, as potential sellers are waiting for better market conditions.

BIG ISLAND INFORMATION

Compared to May of the previous year, less new listings for single-family houses, condominiums, and land were added to the Big Island real estate market. With 188 homes sold and a median sales price of $495,000, single-family homes had 508 active listings, 248 new listings, and 508 homes that were taken off the market on average after 64 days. Condominiums had 57 sold units, 69 new listings, 73 active listings, and an average of 54 days on the market. The median sales price was $550,000. With 1,148 current listings, 245 new listings, 202 sold lots, and an average of 105 days on the market, land had a median sales price of $34,250. All property types saw a decline in new listings overall, with condominiums having the highest median sales price and land taking the longest to sell.

OAHU INFORMATION

Sales of single-family homes and condos both decreased in April 2023 on O’ahu compared to the same month last year, by 43.0% and 37.5%, respectively. The dip in sales was 11.9% for single-family homes and 5.4% for condos, which was less drastic than March’s downturn. Despite the drop in sales, houses that were sold in April remained on the market for a shorter period of time than they did in March. Condos had a decrease in their median days on the market from 24 to 20, while single-family homes saw a fall from 36 to 24. Single-family homes decreased by 9.5%, and condominiums decreased by 2.0%, as measured by median sales prices. The market is generally stabilizing following the rise in interest rates and inflation, which is causing slower sales momentum but stable median prices because of low inventory.