Honolulu’s Hot Housing Market Cools in August

Home prices and sales dipped after record-breaking summer.
Photo: Diane Lee

Oahu home sales lost some steam last month after a record run this year.

Home prices and the number of sales dipped for the first time this year in August compared to the same month a year ago, according to the latest statistics from the Honolulu Board of Realtors.

The median sales price of a single-family home fell 2.3 percent from $665,000 to $650,000 while condo remained unchanged at $350,000.  This is coming off a record-breaking June where prices soared to a median sales price of $700,000 for single-family homes and $360,000 for condos.

Meanwhile, sales fell 11.7 percent for houses and 3.5 percent for condos, as 43 fewer houses and 16 fewer condos were sold last month compared to August 2013.

“August was an interesting month for the Oahu housing market,” said Julie Meier, president of the Honolulu Board of Realtors said in a statement. “While on the surface it may look like this past August was not on par with last August for sales of single-family homes, the truth is that August 2013 was a banner month–the high point of sales for the year. It would have been very difficult to duplicate that this year.”

Meier said it still remains a “very healthy market,” and pointed to the fact that homes stayed on the market an average of just 15 days before being sold. Homes remained on the market for 20 days on average a year ago.

Condos, meanwhile are being snapped up in 23 days on average, up from 19 days in August 2013.

“Also noteworthy is the fact that inventory of both single-family homes and condos is climbing, which will help the market meet demand,” she said.