Median price of single-family home on Oahu shatters old record

Median price of single-family home on Oahu shatters old record
(Image: Hawaii News Now) (Source: HNN File)

HONOLULU, Hawaii (HawaiiNewsNow) - If you’re in the market for a home, here’s some sobering news: The median sales price of a single-family home on Oahu last month hit $835,000 ― a new record high.

The previous record of $812,500 was set in September 2018, the Honolulu Board of Realtors said.

And the median price is up from $800,000 in June.

In further proof that the housing market remains red hot, the median sales price for a condo on Oahu also set a new record in July: $461,500. That tops the previous record of $435,000 set in March 2018.

The median price means half of homes sold above that figure while half sold below.

Despite the high prices, Oahu also saw more home sales in July compared to a year ago. Some 372 homes sold on Oahu last month, compared to 330 in July 2018.

Meanwhile, 513 condos sold on Oahu in July, up slightly from a year ago.

“The rise in sales numbers demonstrates robust contract signings over the last few months," said Jenny L. Brady, president of the Honolulu Board of Realtors, in a news release.

She added that lower mortgage interest rates were also helping buyers consider pricier homes.

This story will be updated.

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