A real estate sign is shown in Kihei last year. After two years of record-setting activity, the housing market may be cooling as home prices and mortgage interest rates continue to surge, according to a report released Friday from the Realtors Association of Maui. The median price for a single-family home in May was $1,212,500, a 19 percent increase over May 2021 and slightly under April’s record-setting price of $1,242,500. The Maui News / MATTHEW THAYER photo

WAILUKU–Maui’s housing market saw an increase in home sales in August of 2024, with single-family homes experiencing both a rise in sales and an increase in median prices, according to the latest data from the Realtors Association of Maui (RAM).

In Aug. of 2024, a total of 64 single-family home sales transpired, compared to 59 that were sold during the month of Aug., 2023. That’s good for five less this year compared to last.

According to RAM, the median sales price for single-family homes increased by 10.4% compared to Aug. 2023, reaching $1,325,000. The rise according to RAM demonstrates continued demand at higher price points. The median sales price for a single-family home in Maui last August was $1.2 million or $125,000 less than August of this year.

During August, condominium sales on Maui dropped by 34.7%, though the median price for condos surged to a median price of $1,000,000, a 33.3% increase.

In Aug. of 2023, a total of 101 condo sales transpired throughout the course of the month last year. This year, that total stood at 66 total sales during the month of Aug. 2024. That’s a decrease of 34.7% this year compared to last. While the number of condo sales has dropped last month compared to Aug. 2023, the price of condos has continued to increase from a median price of $750,000 in 2023, to the median price of $1 million in Aug. 2024. That’s an increase of 33.3%.

“While it’s too early to definitively call this a long-term trend, the immediate impact of the announcement is evident,” said RAM President Lynette Pendergast. “Should this pattern persist, it could signal a sustained cooling of the condo market, especially as buyers respond to the regulatory changes. Fortunately, the rise in single-family home prices underscores continued demand despite higher costs. These trends will be closely monitored as we move through the rest of the year.”