Housing market breaks record in first month of the new year

Housing market breaks record in first month of the new year

HONOLULU (HawaiiNewsNow) - It's a new year, but Hawaii's housing market shows no signs of cooling down.

In January, the median price for single-family homes sold on Oahu rose to $772,000 —  a 5.8 percent increase from a year ago, when it was $730,000. That's according to the Honolulu Board of Realtors, which also said that condo prices rose to a record high.

For condominiums, the median price increased by 13.2 percent, beating the previous record median of $425,000 by $5,000.

"The first months of a new year are traditionally a slower time for housing sales on Oahu, so it's encouraging to see a slight increase in January sales for single-family homes," said Darryl Macha, president of the Honolulu Board of Realtors in a news release.

"What's especially notable is the jump in the median sales price, which set a new record for condominiums. It's a strong indication that the demand for housing
is still very high, but limited inventory continues to be a challenge for potential home buyers," Macha said.

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