For 4th straight month, Oahu sets a new record for its median home price
HONOLULU (HawaiiNewsNow) - The median price of a single-family home on Oahu hit a new record high of $1,050,000 in August ― which is 25% higher than the same month last year.
Condo prices were also up again, with the median price at $500,000. That’s up 16% from a year ago.
The median means that half of prices are below that figure while half are above it.
The Honolulu Board of Realtors said low inventory and strong demand continue to drive up prices.
This is the fourth consecutive month that Oahu has set a new record high for single-family home median prices. In fact, a record has been set every month this year except for April.
“We’re in an unprecedented seller’s market,” said Shannon Heaven, president of the Honolulu Board of Realtors, in a news release.
“As we’ve seen all year, limited inventory paired with increased purchasing power due to near-record-low interest rates continues to drive sales prices in a fiercely competitive market.”
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