Sales volume in Oahu’s housing market in December fell again marking 23 consecutive months of dropping sales for single-family homes and 19 straight months for condos, according to a report released today by the Honolulu Board of Realtors.

Single family home resales in December 2023 fell 9.9% to 182 from 202 in December 2022. Condominium resales dropped 24.4% to 272 from 360 in December 2022.

The median price for a single-family home on Oahu in December dipped below $1 million, finishing the month at $996,500, a 5.1% decline from December 2022 when the median price was $1,049,500. However, the median sales price for a condominium in December 2023 on Oahu rose to $510,000, a 1.5% increase compared to December 2022.

December’s results contributed to an annual drop in single-family home and condominium resales and prices. For all of 2023, single family home resales fell 26.3% to 2,560, while condominium resales declined 28% to 4,573.

While the median price paid for a single family home in 2023 dropped 5%, the median sales price stayed above the benchmark $1 million coming in at $1,050,000.

Meanwhile the median price paid for a condominium in 2023 decreased a scant 0.3% to $508,500.