Oahu's hot housing market shows no signs of cooling off - Hawaii News Now - KGMB and KHNL

Oahu's hot housing market shows no signs of cooling off

(Image: Hawaii News Now/File) (Image: Hawaii News Now/File)
HONOLULU (HawaiiNewsNow) -

Oahu's median home price hit $760,000 in February, tying a record hit in June 2016.

That's according to analysis from Locations, which says it's unlikely the hot housing market will cool off anytime soon.

The median price for a single-family home on Oahu is up 9 percent from February 2016.

Meanwhile, the median price for condos on Oahu hit $390,000 last month, up 3 percent from the year before.

Locations Hawaii expects prices to continue to rise in 2017, as demand remains high and supply low.

In February, one in every 3 homes sold were sold for over their asking price.

“The competitive market is driving sales volume and prices, with more condos being bid-up over asking price in response to the low inventory and pent-up demand," said Scott Higashi, CEO of Locations, in a news release.

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