Oahu Home Prices rise more than 9 percent

Oahu Home Prices rise more than 9 percent

HONOLULU (HawaiiNewsNow) - Home prices on Oahu soared in August, as the local housing market enjoyed one its busiest summers in years.

According to the Honolulu Board of Realtors, the median price for a home on Oahu leaped than 9 percent to $609,000 last month.

Condos were up by almost 7 percent to $320,000.

"Homes are going very quickly and things are going for over asking and they are receiving multiple offers," said Jaymes Song, a Realtor Associate with Prudential Advantage Realty.

What's driving upswing? Lack of supply, according to the Realtor board.

There's just 1,200 single-family homes for sale on Oahu. That translates to a only three and half month supply.

A year ago, inventory levels were nearly twice that.

Joe Paikai, president of the Honolulu Board of Realtors, says the reduced supply combined with historic low interest rates will continue to boost sales.

"All of the activity that we've seen in the last eight months indicates that prices may continue to increase," Paikai said.

Potential homebuyers like Deepti Chitnis say buying a home in this kind of market can be frustrating.

Chitnis says she's looked at nearly 60 properties since moving here from Germany a month and a half ago ... and many of them already had multiple offers.

"There were several that we came close to putting an offer on but they were already in escrow," she said.

Experts say what's impressive about these numbers is that August is historically a slow month. They're expecting sales and prices to continue this upswing.

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