As Hawaiʻi responds to Hurricane Lowell, we are reminded how quickly conditions can change. August’s housing report tells a similar story: prices remain strong, but buyer demand is becoming more cautious. The hurricane did not affect August’s numbers, but it may temporarily slow September activity as families focus on recovery and reassess insurance, maintenance, and property resilience.
Single-family home sales rose 1.9% from last August, while the median price jumped 12.2% to $1,240,000. That increase does not mean every home gained 12.2% in value. A surge in sales between $1.3 million and $1.5 million helped lift the median.
Closed sales reflect offers made roughly 45 to 90 days earlier. The more current indicators show pending sales falling 7.6% and inventory in escrow declining 11.7%. Yet with only 3.2 months of supply, limited choices continue to support prices.
Condos tell a different story. Sales declined 6.6%, the median price slipped 1% to $510,000, and inventory rose to a 6.9-month supply. Buyers have more choices and negotiating power as maintenance fees, insurance costs, and building concerns weigh on demand.
The two-year trend reinforces this divide. Single-family sales are up 3.5%, and prices are 8.2% higher, while condo sales are down 6.3% and prices have increased just 0.8%. Looking further back, sales remain well below the pandemic surge, but prices are still near historic highs.
For sellers, this is a market that rewards accuracy. Limited inventory alone will not overcome an unrealistic price or poor presentation, particularly when buyers are moving more cautiously. For buyers, softer demand may create opportunities to negotiate, especially with condos, but affordability, insurance exposure, monthly fees, and future assessments must be evaluated carefully.
The market is not collapsing. It is separating, rewarding realistic sellers and giving prepared buyers opportunities that did not exist a few years ago.
-
This report reflects information about re-sales of existing properties only and does not include new home sales. All the MLS information is compiled from sales reported during the cited months; this data is known only after closing of escrow. The time delay between the signing of a sales contract and the closing of escrow is usually between one and three months. This report is provided as a service to HBR members. Note: Percentage change compares data from August 2026 to August 2025