Home prices on Oahu increased in May, with the median price of a single-family house rising 2.3 percent, compared to a year ago, and condominium prices rising 5.6 percent, both on relatively flat sales, according to statistics released Sunday by the Honolulu Board of Realtors.
The median price of a single-family house on Oahu in May was $698,000, compared to $682,000 in May 2014. May’s median price was based on sales of 309 houses, which was just 1.3 percent more than the 305 houses sold during the same month last year.
For condos, the median price in May was $375,000, compared to $355,000 in May 2014. Sales slipped to 450 units sold in May, which was 1.5 percent fewer units than the 457 that sold in May 2014.
“This past May saw median prices for single family homes and condominiums rise,” Jack Legal, president of the Honolulu Board of Realtors, said in a statement. “The statistics are very similar to those of May 2014. We’re seeing improvement in the inventory of homes and condos, but demand remains high for housing at all points of the pricing spectrum.”
Year-to-date, sales followed a similar trend as in May, with the number of single-family homes sold during the first five months of the year rising by 1.9 percent to 1,265, from 1,241 during the same period in 2014, and the number of condos sold decreasing by 1.9 percent to 1,883 units sold from January through May, from 1,920 units sold during the same period.
Year-to-date prices for both categories were 4.3 percent higher for the first five months of the year, with the median price of a single-family home at $683,000 through May, compared to $655,000 at the same time last year, and the median price of a condo at $365,000