A home in Maui Lani in Kahului is listed for sale on Monday afternoon. New listings and closed sales in Maui County are continuing their downward trend, reflecting what’s happening nationally as fluctuating mortgage rates cause buyers to pull back. The Maui News / MELISSA TANJI photo

The median sales price for a single-family home in Maui County dipped in April to $1.1 million compared to the $1.24 million median price at the same time a year ago, but home sales continued their downward trend as changing mortgage rates discourage buyers.

Single-family home prices in Maui County in the last 12 months have only gone below the million-dollar level once, in August, when the median sales price was at $983,575, according to recently released statistics from the Realtors Association of Maui.

While home prices dropped slightly in April, median sales price for condominiums were up at $877,000, which is higher than a year ago when the median condo sales price was $820,000.

The $877,000 median sales price is the second highest in the last 12 months for condominiums. The highest median sales price was in February at $915,000.

According to the National Association of Realtors, existing-home sales declined 2.4 percent month-over-month of last measure, reversing February’s sales gain of 14.5 percent.

“Fluctuations in mortgage interest rates have caused buyers to pullback, with pending sales dropping 5.2 percent month-over-month,” the national association said.

Meanwhile, the median existing-home sales price declined for the second month in a row, falling 0.9 percent nationally from the same time last year, the largest year-over-year decline since January 2012, according to NAR.

In Maui County in April, 57 single-family homes were sold, down 48.2 percent from 110 sold in April 2022. Over the last 12 months, the number of single-family home sales each month has been down from the previous year.

A total of 72 new single-family home listings went up in April, a decrease of 25.8 percent from April 2022 when there were 97 new listings.

Meanwhile, 89 condominiums sold in April, down 49.7 percent from the 177 condos sold in April 2022.

As with single-family homes, the numbers of condominiums sold in each of the past 12 months have all been down from the previous year.

New condo listings were also down to 94 in April, a 42 percent decline from the 162 new listings seen in April 2022.

The area of the county where the most single-family homes sold last month was in Wailuku, where 15 homes sold with a median sales price of $1.25 million.

The area with the second-most single-family home sales was Kihei, with 12. The median sales price was just under $1.05 million.

Kahului had the third-highest total of single-family homes sold in April with six, with a median sales price of $948,000.

Wailea/Makena had the highest median sales price for single-family homes sales in April at $6.35 million. Three single-family homes sold in the Wailea/Makena area for a total dollar volume of $28.15 million.

For condominiums, Kihei topped the county in April with 36 sold, with a median sales price of $849,500.

Second was the Napili/Kahana/Honokowai area with 15 units sold for a median sales price of $770,000.

Wailea/Makena saw nine condominium units sold for a median sales price of $1.57 million.

Nationally, the lack of existing inventory is also impacting home sales and competition for available properties is strong, with multiple offers on about a third of properties, the national association said.

However, Maui County’s housing inventory has seen an upward trend over the past year. April’s inventory of 257 single-family homes was a 17.4 percent increase over the 219 homes in April 2022, while the inventory of 206 condos last month was a 16.4 percent increase over the 177 condos in April 2022.

* Melissa Tanji can be reached at mtanji@mauinews.com.