Hey it's Ben Fieman with your July 2023 Oahu real estate market update. Hope your summer is going well. The average 30 year fixed mortgage has an interest rate of about 7.14% right now. Current inflation is at about 2.97% so we are approaching the feds target of 2%. What is this doing to our market here on Oahu? Not a whole lot. Median single family homes are at $1,050,000 island wide and condos are at $510,000, both down just 4.5% vs last year. Days on market is up 7 days when compared to last year, but picking up speed when compared to this year’s winter and spring months. New listings are down 17.1% for single family homes and down 22% for condos, most homeowners are sitting on a lot of equity from the recent appreciation and have a low interest rate so they are not looking to get rid of their mortgage. Because of this closed sales are down 30.5% for single family homes and down 24.9% for condos. My prediction is we will remain relatively flat until inflation goes back down to about 2% then when interest rates get back to about 5-6% there will be a flurry of activity. Everyone’s real estate goals are different so please reach out regarding your particular situation so I can see how I can help. Thanks for tuning in and I’ll see you next month in August for your Oahu Real Estate Market Update!