Median single-family Oahu home price tops $719K

Median single-family Oahu home price tops $719K

HONOLULU (AP) - High-end sales have pushed up the median price of a single-family home on Oahu to a record-high of $719,500.

The Honolulu Board of Realtors says November's price was a result of dwindling inventory of homes selling for $550,000 or less. Resale figures for the month show 171 of 225 properties sold were priced above $550,000. And 56 of those homes went for $1 million or more.

November's median price is a 5.2 percent increase from $684,000 in the same month last year.

Board President Julie Meier says there aren't as many moderately priced properties for buyers to consider. She says the condominium market remains within reach for first-time homebuyers.

The median price for a condo last month was $343,000, a nearly 4 percent increase from $330,000 in November 2013.

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