OAHU (HawaiiNewsNow) - You don’t need us to tell you that the cost of living in Hawaii — particularly on the island of Oahu — seems to be getting steeper every day.
But in case you needed another sign of the times, the latest report from the Honolulu Board of Realtors might make you cringe.
The median price for a single-family home on Oahu just got even higher in the month of September climbing to $812,500. That breaks the previous record-high set in August of $810,000.
In addition to homes, the median price for condominiums rose 0.7 percent to $428,000 in September.
And while the price is going up, the number of sales is going down. The board reports that single-family home sales decreased by 17.4 percent while condo sales slowed 2.9 percent.
“We’re starting to see Oahu’s housing market shift a bit with the decline in sales for both single-family homes and condominiums despite the fact that more inventory has become available,” said Darryl Macha, president of the Honolulu Board of Realtors.
“Consumers seem to be watching and waiting to see if mortgage interest rates are going to continue to rise. However, for those potential homebuyers who are ‘on the fence,’ this is the time to buy since there is more inventory to consider and mortgage rates are still below five percent,” he added.
The median days for single-family homes being on the market was 17, and 20 days for condos.
According to this previous HNN report, a household would need to bring in almost $160,000 to own a home on Oahu, while Maui residents would need to dedicate 99.7 percent of their income to housing costs.
These figures keeps Hawaii among the top of the list for priciest states in the nation.