The numbers from the October Oahu housing market can be summed up in one word: homes are selling quickly, but condos are not.

This article's figures are based on a report from the Honolulu Star-Advertiser on November 7, citing data from the Honolulu Board of Realtors (HBOR). I have not yet confirmed the original monthly report, so I recommend checking the association's announcement for detailed figures.

First, let's look at single-family homes. The median sales price for single-family homes in Oahu in October was $1.15 million.

This is 1.1% lower than last October's $1.1625 million. While it has decreased, it is essentially stable when viewed in terms of range.

The number of transactions was 239, down 8.4% from 261 in the same month last year. The decline in volume is more noticeable than the price drop.

Interestingly, the time homes are staying on the market is decreasing. The median days on market for single-family homes is 15 days, shorter than last October's 26 days.

The percentage of homes sold above the asking price is 34.8%. This indicates that even though there are fewer buyers, there is still competition for good homes.

At the end of the month, there were 805 active listings for single-family homes. Due to limited land in Oahu, the structure of the market shows that inventory is not significantly increasing.

The situation is different for condos. The median resale price for condos in October was $499,000, down 6.7% from last October's $535,000.

According to reports, this is the first time in nearly a year that the median condo price has fallen below $500,000, which is significant as it breaks a psychological barrier.

The number of transactions was 339, down 23.5% from 443 last year, nearly three times the decline seen in single-family homes.

The days on market for condos increased to 49 days, longer than last year's 44 days, and the percentage sold above the asking price was 16.1%. The number of active listings at the end of the month was 2,506, more than three times that of single-family homes.

Of the condo transactions in October, 171 were below $500,000, making up about half of the sales. This means there are more options for first-time homebuyers.

Comparing this to the previous month, the picture becomes clearer. In September, the median price for single-family homes was $1.11 million, down 3.9% from the previous year, with 293 transactions, an increase of 6.2%.

In the same September, the median price for condos was $523,000, which actually rose by 2.8%. However, this trend reversed in October.

The most commonly cited reason for these changes is interest rates. The average 30-year fixed mortgage rate reported by Freddie Mac was 7.18% in the first week of November.

Although it has decreased for three consecutive weeks, it is still nearly 1 percentage point higher compared to 6.22% a year ago. The HBOR also explained that higher rates are putting pressure on buyers' budgets.

Even with the same home price, a 1% increase in interest rates significantly changes the monthly payment. Condo buyers tend to rely heavily on loans, making them more susceptible to this burden.

There is also the variable of maintenance fees for condos. In recent years, many complexes have seen increases in insurance and repair reserve fees, making it less appealing to buy even if prices drop.

I couldn't find neatly organized official rental figures for October. Different research organizations have varying methods, leading to conflicting results.

According to Zillow's rental index, Honolulu rents were reported to have increased compared to the previous year until this spring. In contrast, a site that aggregates rental listings reported a decrease in median rents as of August.

In my view, existing tenants are holding steady on renewal rents, while new listings are showing a slight decline. If you're looking for rentals, it's best not to rely on just one source but to compare several actual listings for accuracy.

This leads to the question of whether now is a good time to buy. The abundance of condo listings and the drop in prices certainly create room for negotiation.

However, with interest rates in the 7% range, combining monthly payments and maintenance fees can be significantly heavier than renting. You must verify the status of the management company's reserves and any special assessments in writing.

Single-family homes are the opposite. Prices have not dropped significantly, and good homes sell within two weeks, making it difficult to gain negotiating power while waiting for rates to drop.

The same goes for sellers. The market for single-family homes is still favorable for sellers, but for condos, if prices are not set realistically, sellers should be prepared for a longer selling process.

From my decades of observing this market, I've noticed that Oahu tends to move slower and with less volatility than the national average. The figures from October should be interpreted as a gradual revelation of the pressure from interest rates, starting with condos.

If I were in the market for a condo, I would watch interest rate trends and take my time to find a good deal by the end of the year. For single-family homes, since prices won't drop just by waiting, I would approach it with the mindset that I can refinance later when rates go down.