According to resales figures released today by the Honolulu Board of REALTORS®, closed sales in both single-family home and condominium markets declined by 22.8% year-over-year. Sales also slipped from a month ago, down 12.6% for single-family
homes and 17.3% for condos.
“Demand continued to cool in July, likely due in part to the rise in interest rates,” said president of the Honolulu Board of REALTORS®. “However, properties are still moving into contract quickly with median days on the market at 11 days for single-family homes and 12 days for condos last month, despite the decline in sales.”