Median Price for Single-Family Homes on O‘ahu Tops $1 Million
Sustained demand for housing and significant sales volume at higher price points drive record-high median prices for single-family homes and condominiums in August
Last month, single-family homes and condos reached new record-high median prices for the second consecutive month at $1,050,000 and $500,000, respectively. The persistent competition in affordable price ranges and more closed sales at higher price points in both single-family home and condo markets are putting upwards pressure on median home prices.
The $1,050,000 single-family median sales price is 25.1% higher than a year ago and up 5.8% above last month’s record. This is the fourth consecutive month single-family homes have set a record median, and except for April, a new record has been set each month this year. Sales jumped 14.9% compared to last August.
The condo market attracted buyers at all price points, with year-over-year condo sales rising 65% last month. The $500,000 condo median sales price is up 16.3% over last August.
The statistics in both single-family and condo markets followed similar trends with more new listings, low median days on market and increased offers over asking.
Information courtesy of the Honolulu Board of Realtors