HONOLULU (HawaiiNewsNow) - Oahu "desperately" needs more housing inventory to meet high demand, the president of the Honolulu Board of Realtors said Tuesday.
The comments came as new figures show prices for single-family homes continue to soar.
In August, the median sales price of a single-family home on Oahu was $747,500, up 7 percent from a year ago, the Honolulu Board of Realtors said.
Meanwhile, the median sales price of condos on Oahu -- $398,000 -- was up 12.4 percent from the year before.
"The market desperately needs more inventory to house potential homeowners who are buying for the first time, and those moving to our island looking for a place to live," said Kalama Kim, Honolulu Board of Realtors president, in a news release.
"There are buyers who have been in the market for over a year because of market conditions, and run the risk of being priced out of the market as demand pushes prices up. New construction of homes would help solve those issues."
In August, the number of homes for sale on Oahu dropped compared to the year before. The median number of days homes were on the market last month was just 15.
Meanwhile, the average sales price for single-family homes in August was $914,314, up from $844,596 from a year ago.