“Listen: this world is the lunatic's sphere,

Don't always agree it's real,

Even with my feet upon it

And the postman knowing my door

My address is somewhere else.”

This month I celebrated two very special occasions. First, there was a week long family reunion celebrating my GrandPère's 100th birthday, where he danced the day away and celebrated being alive. Then, there was Independence Day, which is a great opportunity for reflection on what it truly means to be free, and how to best celebrate that freedom? GrandPère's continuing independence is a marvel to me, and I wonder, what act of independence fills you with wonder?

My hope is that you find beauty, inspiration, and value in this newsletter. It is a work in progress, so please connect with me and let me know what you'd like to get updates on! 

Though mortgage interest rates have been slowly ticking up — with some pros saying we may see more of that (you can see the lowest mortgage rates you can get here) — summertime homebuyers have likely noticed that housing price growth doesn’t seem to be slowing as much as they’d like. But pros say there’s good news coming your way: This red hot housing market is showing signs of cooling.

Prediction 1: Slower home price appreciation, and potentially higher mortgage rates

Greg McBride, chief financial analyst at Bankrate, says demand is falling, and as sellers realize the moonshot price they’re asking isn’t going to happen, prices are being cut. “Homes are still selling at higher prices than earlier in the year, but the pace of appreciation is slowing,” says McBride. 

Housing sales volume on O‘ahu declined in June, with single-family home sales down 20.8% and condos dropping 14.2% year-over-year. However, sales volume is still up compared to pre-pandemic 2019 levels, with single-family home sales up marginally at 9.2% and condos well ahead at 32.3%.

The median sales price of a single-family home increased 12.4% to $1,100,000 compared to last June. Condos set a new record for the second month in a row with a median sales price at $534,000, up 16.1% from a year ago and 3.4% above last month’s record of $516,500. Properties continue to move into escrow in under two weeks, though single-family homes spent 10 days on the market in June compared to just eight days last year, and condos remained steady at 11 days on the market.

Despite this quick pace, the volume of contract signings has subsided, with pending sales falling for three consecutive months, declining 27.7% for single-family homes and 24.8% for condos year-over-year.

Here is more detail about the O'ahu market in general, but please reach out to me if you want more specific information about a region or neighborhood.