Real estate markets rarely change direction overnight. Trends typically develop gradually and continue for months, sometimes years. While significant economic or world events can abruptly shift market conditions, none have been powerful enough to meaningfully alter the trends we have experienced on Oʻahu. October's statistics reinforce this pattern of slow, steady change, although recent declines in buyer activity may signal some resistance to higher mortgage interest rates.
Single-family home sales declined 8.4% to 239 transactions, while the median price slipped 1.1% to $1,150,000. Despite fewer sales, homes sold in just 15 days compared to 26 days a year ago, with sellers receiving a median of 100% of their original asking price. Limited inventory, currently at 3.2 months, continues to support home values.
The condo market continues its gradual adjustment. Sales fell 23.5% to 339 transactions, while the median price declined 6.7% to $499,000. Condos spent 49 days on the market, with sellers receiving 95.9% of their original asking price. Inventory reached 7.1 months, providing buyers with more choices and negotiating leverage.
These contrasting trends reflect fundamental supply and demand conditions. Homeowners holding low mortgage rates remain reluctant to sell, restricting the supply of single-family homes. Meanwhile, rising maintenance fees, insurance costs and aging buildings continue to challenge condo affordability and demand.
One development worth watching is the recent slowdown in buyer activity. October pending sales declined 16.2% for single-family homes and 3.1% for condos. Combined with softer closed sales over the past couple of months, this could be directly related to buyers pushing back against higher mortgage interest rates and the resulting increase in monthly payments. While the statistics alone cannot confirm that connection, affordability may be influencing more buyers to postpone their purchases.
For buyers and sellers, the implications remain clear. Single-family home sellers continue to benefit from limited competition, while buyers must be prepared to act quickly. Condo buyers enjoy greater selection and negotiating opportunities, while sellers must remain competitive on pricing, condition and overall value.
- 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 October 2026 to October 2025.