Oahu Real Estate Market Report – May 2026

Single-family home sales increased 8.5% year-over-year to 255 transactions in May, compared to 235 a year ago, while condo sales continued to lag behind 2025 volume, falling 9.4% year-over-year with 339 closings compared to 374 in May 2025. Properties priced at $500,000 or less accounted for 157 sales in May and 823 year-to-date, with 1,193 active listings available in that price range.

The median sales price for single-family homes remained relatively stable in May, dipping 0.8% year-over-year to $1,166,000. The condo median sales price increased 4.0% compared to May 2025, ending the month at $520,000.

Median days on market were mixed in May, with single-family homes spending a median of just under two weeks on the market at 13 days, compared to 21 days a year ago. Condo median days on market increased from 39 to 43 days over the same period.

Additional Market Insights for May:

• Buyer activity remained stronger than a year ago, with pending sales increasing 8.8% in the single-family home market and 7.0% in the condo market.
• Thirty-five percent of single-family home sales closed above the original asking price, compared to 29% a year ago. In the condo market, 9% of sales closed above asking price, down from 11% last May.
• Single-family home new listings increased 3.3% year-over-year from 392 to 405 listings. Condo new listings dipped 1.5% from 688 to 678 listings.
• Active inventory remained below 2025 levels in both markets, down 10.8% for single-family homes and 6.6% for condos.

May Homebuyer Highlights:

As affordability, financing and inventory continue to shape housing decisions across the state, the first homeowners to close on a home through the Hale Kama‘āina Mortgage Program, and the first-time homebuyers currently in the pipeline, offer an example of how local residents are navigating today’s housing market. In May, the Hawaiʻi Housing Finance and Development Corporation (HHFDC) celebrated its first three homeowners who closed on homes through the program, which offers eligible first-time homebuyers below-market mortgage rates and down payment assistance. The program was created to help address some of the financial barriers to homeownership by improving affordability and expanding access to financing options for local residents.

One of the first homeowners to close through the Hale Kama‘āina Mortgage Program was Ashley Maeshiro, a 27-year-old public school teacher who purchased a one-bedroom condominium in Makiki through a $223,000 mortgage. Before purchasing her home, Maeshiro lived with family in town and had not viewed homeownership in Honolulu as financially attainable. Through the program, she was able to purchase her first home and establish roots in the community where she has chosen to build her life and career as an educator.

The Nacapuy family purchased a three-bedroom townhome in Mililani Mauka through a $581,000 mortgage after years of renting. Mhel Nacapuy, a USPS mail carrier, and his wife Maureen, a commissary worker, purchased the home with their 21-year-old son Raphael, who is completing his third year at UH West O‘ahu. After learning about the program through their REALTOR®, the family was able to transition from renting to homeownership despite Hawai‘i’s high housing costs, providing greater housing stability and an opportunity to build long-term equity.

Courtesy of the Honolulu Board of Realtors