HONOLULU – The Honolulu Board of Realtors says the median price of a single-family home on Oahu fell slightly to $1,105,000 for April.
Mortgage rates have been at historic lows for the past two years, which led to strong demand for real estate and record high home prices.
“We’ve had the only the best, best, strongest, most aggressive buyers, being able to purchase homes.
Now, your budget is most likely reduce to let’s say 1.5 million or 1.6 million,” said Vanessa Kop, executive vice president at NAI CBI Hawaii.
“My parents had interest rate mortgage rates of above 10% in double digits.