Median price of single-family home on Oahu hits record high - KFVE, K5-Hawaii News Now, Local Programming

Median price of single-family home on Oahu hits record high

(Image: Hawaii News Now/File) (Image: Hawaii News Now/File)
HONOLULU (HawaiiNewsNow) -

The median price for a single-family home on Oahu hit a record $810,000 in August, up by nearly $24,000 from a year ago, new Honolulu Board of Realtors figures show.

The new median smashes the previous record of $795,000, set in June 2017.

Meanwhile, the median price for condominiums hit $427,000 last month, up about 2 percent from 12 months ago.

The median price means half of the prices for homes that sold were above that figure and half were below.

Darryl Macha, president of Honolulu Board of Realtors, said while the median price for a single-family home is now at a new home, prospective homebuyers can still find deals in some communities.

"Though overall inventory is tight, we are seeing pockets of the island where inventory is increasing, including the Ewa Plain and to some extent Central Oahu," he said, in a news release.

Worth noting: The increase in prices hasn't slowed sales. Single-family homes were on the market for a median of just 15 days last month, while condominiums were on the market for 18.

The new high comes as the state continues to scramble to increase the inventory of affordable properties statewide.

The average sales price for single-family homes on Oahu in August was $998,268. That's also up from a year ago, but isn't a record. 

This story will be updated. 

Copyright 2018 Hawaii News Now. All rights reserved.

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