Oahu single-family home prices drop slightly; demand still high - Hawaii News Now - KGMB and KHNL

Oahu single-family home prices drop slightly; demand still high

(Image: Hawaii News Now/File) (Image: Hawaii News Now/File)

By Janelle Guerrero-Miguel
HNN Summer Intern

HONOLULU (HawaiiNewsNow) - The median price of a single-family home on Oahu was $746,000 in July, a drop of $14,000 from the month before, the Honolulu Board of Realtors said.

Still, the median sales price is up 5 percent from July 2015, when it was $710,000.

Meanwhile, sales of single-family homes last month decreased by 4.5 percent, while condominium sales dropped by 11.4 percent compared to July 2015.

At the same time, the median price for condominiums increased over 14 percent to $400,000, compared to the same period last year.

Realtors say while total home sales are down, demand remains high.

“While sales of both single-family homes and condos dipped compared to the previous year, the increase in prices year-over-year for both indicates the housing market is still very strong,” said Kalama Kim, Honolulu Board of Realtors president.

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