Home prices on Oahu set records in June, with the median price of a single-family home cracking the $700,000 mark for the first time despite lower sales, according to statistics released Monday by the Honolulu Board of Realtors.
The median price of $700,000 for a single-family home on Oahu was 3.4 percent higher than the median price of $677,250 set in June 2013, and 2 percent higher than the previous record of $685,000 set in December.
The median price of a condominium also reached a record in June, $360,000, which was 9.1 percent higher than the median price in June 2013, which was $330,000, and just $1,000 higher than the previous record of $359,000 set in February.
“June was a remarkable month, both single family homes and condominiums shattered the previous records for median sales price,” Julie Meier, president of the Honolulu Board of Realtors. “This shows the very strong demand we’re currently seeing for housing.”
Condo sales increased by 4.8 percent in June to 411 units sold, from 392 sold during the same month last year, but sales of single-family homes declined 1.6 percent to 303, from 308 sales in June 2013.
“That demand, coupled with low inventory, is what’s causing the continued growth in median sales prices,” Meier said. We do see inventory rising, but not enough to offset the demand, especially for single-family homes.”
Staff Pacific Business News