Oʻahu Single Family Home and Condo Sales Slow in May
Single-family homes show pricing resilience amid steady demand; condo market reflects shifting dynamics
According to resale figures released today by the Honolulu Board of REALTORS®, Oʻahu’s housing market recorded a slowdown in overall sales activity in May, particularly in the condominium segment. Single-family home sales dipped 5.6% year-over-year to 235 closed sales, while condominium sales dropped 21.8% to 374 transactions. Year-to-date, sales remained below 2024 levels, down 5.3% for single-family homes and 7.2% for condominiums.
Using data collected from its computerized Multiple Listing Service (MLS) system, the Board reported the following statistics:
Single-Family Home Resales
| Number of Sales | Median Sales Price | |
|---|---|---|
| May 2025 | 235 -5.6% | $1,175,000 +8.3% |
| May 2024 | 249 | $1,085,000 |
Condominium Resales
| Number of Sales | Median Sales Price | |
|---|---|---|
| May 2025 | 374 -21.8% | $500,000 +1.0% |
| May 2024 | 478 | $495,000 |
“We are seeing an increasingly price-conscious and value-driven buyer mindset,” said Trevor Benn, President of the Honolulu Board of REALTORS®. “Higher borrowing costs, inflation, and rising carrying costs like maintenance fees are contributing to longer decision cycles. REALTORS® remain key partners in helping buyers and sellers stay informed and adapt to changing market dynamics.”
Median Sales Prices
The median price of a single-family home rose 8.3% year-over-year to $1,175,000, while the condominium median price saw a modest 1.0% increase to $500,000. Compared to April, the median single-family price rose 0.4%, while the median condominium price declined by 1.0%.
Median Days on Market
Properties took longer to sell in May, reflecting more deliberation among buyers. Median days on market for single-family homes rose to 21 days, up from 14 just a year ago, and condominiums rose to 39 days, up from 25.
As of early June, the 30-year fixed-rate averaged 6.85%, according to Freddie Mac. Higher borrowing costs and rising fees are prompting more cautious decision-making, especially among condominium buyers who continue to prioritize affordability.
Sales Volume
In May, single-family home sales declined 5.6% year-over-year, with the sharpest drop in the $800,000 to $1,099,999 range, down 30.2% from 96 to 67 sales. ‘Ewa Plain and Pearl City saw the largest regional declines, down 25% and 48% respectively, while Kailua experienced a 58.8% increase in closed sales.
In addition, condominium sales dropped 21.8% year-over-year to 374. Sales at $1 million and above declined only slightly from 42 to 39. The steepest regional slowdowns occurred in Metro, ‘Ewa Plain, and Leeward regions.
“While overall sales volume has softened, especially in the condominium market, we are still seeing movement in price-stable segments and specific regions,” added Benn. “Todayʻs buyers are more selective, and sellers are learning to respond with competitive pricing and patience.”
Pending Sales
Buyer activity was mixed across single-family and condo markets, but picked up in several neighborhoods. Pending sales for single-family homes rose 13.1% overall, with strong gains in ‘Ewa Plain (41.5%) and Diamond Head (46.4%). Pending condominium sales fell 8.3% overall but rose 33.3% in both Central Oʻahu and Pearl City.
New Listings and Active Inventory
In May, new single-family home listings increased 13.6% to 392, including a 44% rise in the $800,000 to $999,999 range, led by ‘Ewa Plain, which accounted for 36% of those listings. Active inventory inched up slightly from a month ago, up 1.6% for single-family homes with 818 active single-family homes, a year-over-year change of 27.8%. Approximately 33% of those listings had undergone a price decrease at some point since it was first listed, compared to approximately 35% of active listings in May 2024.
In the condo market, new listings increased 4.6% to 688, with nearly half (48%) priced between $300,000 and $599,999, the range that saw the most year-over-year growth (12.2%). Active condominium inventory was 1.8% higher than one month ago and jumped 54.8% year-over-year to 2,556 units. Sellers appeared more responsive to market shifts, with 40% of condominium listings having experienced a price reduction, up from 35% a year ago.