Jul 8, 2013, 10:23am HST
Duane Shimogawa | Reporter- Pacific Business News
Oahu’s housing market hit a new high last month with the highest median sales price for single-family homes in more than five years, according to statistics released Monday by the Honolulu Board of Realtors.
The $677,250 median price for a home in June was 9 percent higher than the $620,000 median price from the same time period last year. The previous peak was $685,000 in June 2007, which is just 1.1 percent higher than June’s figure.
The number of home sales rose 10 percent last month to 308 sales from 279 sales in June 2012.
Oahu’s condominium market also continued on its red-hot pace with double-digit percentage increases in both the number of sales and the median sales price.
In June, there were 392 condo sales, which was 15 percent more than the 342 sales in June 2012.
The median sales price of a condo last month was $330,000, an 11 percent increase from $297,000 during the same time period last year.
Home and condo sales also sold faster last month compared to a year ago with both categories on the market for a mere 20 days.
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