Is the housing market finally cooling off? Maybe

HONOLULU (HawaiiNewsNow) - Sales of single-family homes on Oahu were down 13 percent last month compared to a year ago, according to new figures from the Honolulu Board of Realtors.

Meanwhile, the median sales price for single-family homes ticked up just 3 percent from a year ago, from $797,000.

But it’s down from $812,500 in September.

Darryl Macha, president of the Honolulu Board of Realtors, said that Oahu homes sales “continue to normalize.”

“We’ve seen considerable inventory expansion this year with active listings of single-family homes up by more than 28 percent and condominiums up by 14 percent compared to the same time last year," Macha said, in a news release.

“However, more than half of the inventory of single-family homes was priced above $800,000 and nearly half of the condominium inventory was priced above $475,000, so more inventory in the lower price ranges is still needed.”

He added that low mortgage rates and a stable economy mean it’s a “favorable time” to buy a home.

Sales of condos on Oahu were also down last month.

Some 429 were sold, down 14 percent from the same month a year ago. Meanwhile, the median sales price for a condo was $420,000, up 3.7 percent from a year ago.