With interest rates still high but relatively steady, and supply remaining limited, many more homes in this area went into escrow in the last 7 days than had the previous week. That may change this week, since rates have risen again. Market Report Video
It seems that new listings are starting with a lower asking price, as sellers adjust to the new market.
Still, with an average list price for single family homes of about $1,343,000, assuming 20% down and excellent credit, monthly mortgage payments would be close to $7,000.
Definitely not affordable for most local workers, since Hawaii wages tend to be much lower than average.
Perhaps with tech layoffs and many employers tightening up on remote work, prices may fall further and be within reach of more people employed on the Big Island.
It's always impossible to predict!
