Hawaii Home Sales & Management
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Oahu Real Estate Market Update — April 2026

By Hawaii Home Sales & Management · 11 min read · April 8, 2026

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Data: March 2026 closed sales, released by the Honolulu Board of Realtors on April 7, 2026.

March delivered a split signal. Single-family home sales volume surged 26.2% year-over-year — the strongest monthly jump of 2026 — while the median price settled at $1,199,500, just shy of February's all-time record. But beneath the headline numbers, warning lights are blinking: pending sales dropped 7.5%, new listings fell 13.5%, and mortgage rates climbed to 6.46% on the 30-year fixed.

The condo market told a different story entirely. Sales fell 4.9%, new listings dropped 15.5%, and active inventory is essentially flat year-over-year. The two markets continue to move at different speeds — single-family is a seller's market with shrinking supply, while condos hover near balanced territory.

Meanwhile, two significant policy developments are reshaping the landscape: the Supreme Court struck down the tariff regime that was hammering construction costs, and Honolulu City Council passed Bill 6, reducing minimum lot sizes to allow more housing density.

⚡ Quick Take

  • SFH median price: $1,199,500 (+3.4% YoY) — just below February's record of $1,205,000 (Source: Honolulu Board of Realtors)
  • SFH sales volume: 260 homes sold (+26.2% YoY) — strongest monthly gain of 2026 (Source: HBR)
  • Condo median price: $510,000 (+2.0% YoY) — back above the $500K mark (Source: HBR)
  • Condo sales volume: 351 units sold (−4.9% YoY) — third consecutive month of declining volume (Source: HBR)
  • 30-year fixed mortgage rate: 6.46% (up from 6.0% in January; fifth consecutive weekly increase) (Source: Freddie Mac PMMS, April 2, 2026)

Single-Family Homes: Volume Surges, Supply Tightens

The Numbers

MetricMarch 2026March 2025Change
**Median sale price**$1,199,500$1,160,000+3.4%
**Homes sold**260206+26.2%
**Days on market**2115+6 days
**New listings**326~377−13.5%
**Active inventory**——−10.6% YoY
**Pending sales**245—−7.5% YoY
**Sold above asking**26%29%−3 pts

(Source: Honolulu Board of Realtors, March 2026 Monthly Market Report; Honolulu Star-Advertiser, April 7, 2026)

Price Segments

The million-dollar threshold continues to define the market:

SegmentMarch 2026 SalesMarch 2025 SalesChange
**Under $1,000,000**9169+31.9%
**$1,000,000+**169137+23.4%

Both segments grew, but sub-million-dollar homes saw the bigger percentage jump — likely driven by buyers who got priced out of higher tiers by rising rates.

What the Numbers Mean

Buyers are rushing to close before rates climb higher, creating a surge in March closings. But the pipeline is thinning — pending sales dropped 7.5% and new listings fell 13.5%. Sellers are not listing, which means inventory is tightening even as demand rises. It is a challenging environment for buyers, and being prepared with a solid pre-approval and a clear strategy makes all the difference. We are here to help you navigate it.

Condominiums: Sales Slip, Supply Holds Steady

The Numbers

MetricMarch 2026March 2025Change
**Median sale price**$510,000$500,000+2.0%
**Units sold**351369−4.9%
**Days on market**4340+3 days
**New listings**667~789−15.5%
**Active inventory**——−0.3% YoY
**Pending sales**394—−6.2% YoY
**Sold above asking**14%11%+3 pts

(Source: Honolulu Board of Realtors, March 2026)

Condo Sweet Spots

Price RangeMarch 2026 SalesChange vs. 2025
**$300K–$599K**~50% of all salesStable
**$700K–$799K**39 sales+62.5% (vs. 24 in March 2025)

The $700K–$799K segment is surging — these are buyers who would have targeted single-family homes a few years ago but are now priced into the premium condo market.

What the Numbers Mean

The condo market is cooling gradually, not crashing. Sales are down slightly, days on market are stretching, but inventory is essentially flat — meaning supply and demand are roughly in balance. The median crossing back above $510,000 after dipping to $487,450 in November 2025 suggests the bottom of the condo correction is behind us. This is a buyer-neutral market: no urgency, but no distress either.

Mortgage Rates: The Headwind Is Real

Date30-Year Fixed15-Year Fixed
**April 2, 2026**6.46%5.77%
**January 2026**~6.00%~5.30%
**April 2025**6.64%5.90%

(Source: Freddie Mac Primary Mortgage Market Survey)

Rates have climbed 46 basis points since the start of 2026 — five consecutive weekly increases. The April 2 reading of 6.46% is still below last year's 6.64%, but the upward trend is squeezing affordability.

What This Means for Monthly Payments

On a median-priced condo ($510,000) with 10% down:

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RateMonthly P&IChange from 6.0%
**6.0%**$2,751—
**6.46%**$2,887+$136/month
**7.0%**$3,053+$302/month

That $136/month difference at 6.46% versus 6.0% equals $1,632/year in additional housing cost — enough to disqualify some buyers at the margin.

Year-to-Date: 2026 vs. 2025

MetricYTD 2026 (Jan–Mar)YTD 2025 (Jan–Mar)Change
**SFH sales volume**——+10.9%
**Condo sales volume**——−3.6%

Single-family sales are running nearly 11% ahead of last year's pace through three months. Condo sales are lagging by 3.6%, reflecting the persistent gap between the two markets.

Policy Developments That Matter

Supreme Court Strikes Down Tariffs

The Supreme Court struck down the administration's signature tariff policy — the minimum 10% baseline plus reciprocal tariffs of 10–41% on imports from major trading partners.

Why this matters for Hawaii real estate: Hawaii imports nearly all construction materials. During the tariff period, developers reported being 3+ months behind schedule and facing significant cost increases on lumber, steel, and fixtures. The tariff repeal should gradually reduce construction costs and ease supply chain delays — good news for new construction projects and ADU builders.

(Source: Hawaii News Now, February 2026)

Bill 6: Smaller Lots, More Housing

Honolulu City Council passed Bill 6 on March 26, 2026 (7-1 vote), reducing minimum lot sizes:

ZonePrevious MinimumNew Minimum
**Minimum lot width**70 ft60 ft

This allows more housing units per acre in apartment and mixed-use zones, which should increase density and housing supply over the next 3–5 years.

(Source: Honolulu Star-Advertiser, March 26, 2026)

Bill 7: Affordable Housing Expansion

The expanded affordable housing program now includes a post-construction grant of $15/sqft (~$25,000–$35,000 per unit) and a self-certification process to bypass DPP review — streamlining the approval timeline for affordable projects.

SB 3202: Two ADUs Per Lot

State Senate Bill 3202 requires all counties to allow at least two ADUs on every residentially zoned lot by December 31, 2026. This could significantly increase rental supply and house hacking opportunities across Oʻahu.

What This Means for Buyers

The March data tells a clear story: buy now if you can, because supply is getting tighter. SFH inventory dropped 10.6% while sales surged 26.2% — the math is moving against you. Rising rates at 6.46% are eating into your purchasing power by $136/month on a median condo. If you are waiting for rates to drop, you may get a lower rate but face even less inventory and more competition.

Action items:

  • Get pre-approved today if you have not already — see our First-Time Buyer Guide
  • Explore down payment assistance — HHOC's $125K DPAL program at 0% interest is still available
  • Target condos in the $300K–$600K range for the widest selection and best financing options
  • If you are renting vs. buying, the break-even math still favors buying at 5+ years

What This Means for Sellers

Single-family sellers: You are in the driver's seat. Active inventory is down 10.6%, sales are up 26.2%, and 26% of homes still sell above asking despite rising rates. List now to catch the PCS season wave (March–July) when military demand peaks. Price at market value — do not overshoot, because the 98.6% sale-to-list ratio means buyers are not paying 105% anymore.

Condo sellers: The market is balanced, not hot. Days on market stretched to 43 (up from 40), and only 14% sell above asking. Price competitively, invest in staging, and be prepared for 30–45 day sales timelines. Highlight your unit's advantages over new construction — no 2-year wait, no deposit risk, lower price per sqft. For selling strategy, see our selling guide.

What to Watch in April and May

Pending sales decline. SFH pending sales dropped 7.5% and condo pending dropped 6.2% — this signals that April/May closings may be softer than March's strong numbers.

Mortgage rate trajectory. If rates continue climbing past 6.5%, expect buyer activity to moderate. If they stabilize or pull back toward 6.2%, the PCS season surge could be significant.

PCS season peak. April through June is the heart of military transfer season. The combination of incoming service members and shrinking inventory could drive bidding competition, particularly near JBPHH, Schofield, and MCBH.

Tariff aftermath. With tariffs struck down, watch for construction costs to ease over the next 3–6 months. This could accelerate project timelines and eventually bring more inventory to market.

Bill 6 and SB 3202 implementation. Smaller lot sizes and dual-ADU allowances will take 12–24 months to produce meaningful new supply, but they signal a long-term shift toward more housing on Oʻahu.

We publish these updates every month as soon as the Honolulu Board of Realtors releases the data. Contact us or call (808) 927-0508 to talk about what any of this means for your specific situation.

HHS

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