Oʻahu’s October resale data show a pronounced slowdown in condo transactions alongside a smaller decline in single-family sales. The Honolulu Board of Realtors released the figures Friday: sales fell year over year in both categories, while the time homes spent on the market moved in opposite directions. Higher borrowing costs are part of the backdrop, but the figures also point to different conditions for buyers choosing between houses and condos.
Single-family sales fell 8.4% to 239 from 261 a year earlier, and the median resale price dipped 1.1% to $1,150,000 from $1,162,500. Condo sales dropped 23.5% to 339 from 443, while the median price slipped 6.7% to $499,000 from $535,000, according to the Honolulu Star-Advertiser. The condo median was below $500,000 for the first time since November 2025; 171 condo sales were under that threshold.
Honolulu Board of Realtors President Aaron Tangonan linked the slower activity to borrowing costs. “Higher mortgage rates compared to a year ago are putting additional pressure on buyers' budgets,” he said, according to the same report. He said that pressure is contributing to slower sales and fewer signed contracts, while buyers remain cautious even as competition persists in some parts of the market.
Inventory and time on market diverge
The October time-on-market figures moved in opposite directions: single-family homes had a median of 15 days on the market, down from 26 days in October 2025, while condos took 49 days, up from 44. Tangonan said single-family homes are still moving relatively quickly, and more sellers are receiving offers above their original asking price.
Above-asking sales and listing counts also differed by property type. In October, 34.8% of single-family homes sold above asking, compared with 16.1% of condos. Locations interim CEO Chad Takesue described the market as divided, saying single-family homes were selling quickly while condos had more than twice the months of remaining inventory. He attributed the gap in above-asking sales to stronger demand and shorter supply for houses. Oʻahu ended October with 805 active single-family listings and 2,506 active condo listings.
Mortgage Rates Edge Down, But Remain Elevated
Rates have been inching in buyers' favor lately, just not enough to erase the year-over-year sting. The average 30-year fixed mortgage rate has declined for three straight weeks, but this week's rate of 7.18% remains well above the 6.22% recorded a year earlier, according to Freddie Mac data cited in the Star-Advertiser's report. Freddie Mac separately confirmed the 30-year rate averaged 7.18% as of November 5, down from 7.24% the week before.
Takesue struck a cautiously optimistic note about where rates might head next. He said the Democrats' takeover of Congress may pave the way for lower interest rates, and that bond yields are already showing signs of an impact that could put downward pressure on the 30-year mortgage rate. He added that the shift in Congress following the midterm elections may improve mortgage rates further, a trend he said would bear watching into next year.
Affordability Pressures Run Deeper Than Rates Alone
The rate squeeze is layered on top of broader affordability strain across the islands. UHERO has reported that housing affordability remains strained even though prices have stayed largely flat this year, with mortgage rates around 7% pushing up monthly payments. The research organization also found that Honolulu inflation reached 5.6% over the twelve months ending in July, driven by an energy price surge and continued shelter cost increases, and it forecasts inflation averaging 4.8% in 2026 before easing to 3.3% in 2027.
Condos face an additional headwind beyond interest rates. High insurance costs and HOA fees continue to reduce demand in the condo market, per UHERO's Hawai‘i Housing Factbook 2026. UHERO has also projected mortgage rates to average around 6.7% in 2027, suggesting that rates above 6.5% will keep creating obstacles for a fuller housing-market recovery.
How This Compares to Recent Months
October's numbers follow a weaker September for single-family homes, when the resale median price fell 3.9% to $1,110,000 from $1,155,000 a year earlier even as the number of sales rose 6.2% to 293. Condo resales that same month fell 8.1% to 375, while the median price actually edged up 2.8% to $523,000 — a reminder that month-to-month swings in this market can run in different directions. Over the first nine months of 2026, median sale prices were still up compared with the same period in 2025: 3.1% higher at $1,180,000 for single-family homes and 2.5% higher at $515,000 for condos.
Locations Hawaii reported somewhat different October 2026 figures: a flat median home price of $1,170,000, a condo median of $499,900, down 6%, and median times on market of 17 days for homes and 46 days for condos. Those estimates differ from the Star-Advertiser’s reported medians of 15 and 49 days. The available reporting does not explain the differences or establish whether the sources use different definitions.
What the longer view can—and cannot—show
For context on ownership costs, UHERO’s Hawai‘i Housing Factbook 2026 estimates that affording a median-priced single-family home statewide requires income just over 180% of state median income, compared with about 110% for a median-priced condo. These statewide measures do not determine what any particular Oʻahu household can afford. UHERO also reports a median monthly HOA fee of $526 for Honolulu homeowners, an additional carrying cost beyond mortgage payments. The verified October comparison here is limited to 2025 and 2026, rather than a full five-year trend: the Honolulu Board of REALTORS® reported that condo sales rose 9.4% to 443 in October 2025, before the 2026 decline reported above. For an earlier rate-cycle reference, the Board reported that average mortgage rates reached the 7% range in late October 2022 and ended that year in the mid-6% range. That rate history provides context, but by itself does not show how Oʻahu’s housing market responded then.
