Single-Family Homes, Condos Hit New Record-High Median Sales Prices in July
Dwindling inventory, low mortgage rates push the median price of
a single-family home to $992,500
O’ahu single-family homes and condos set new record-high median prices in July at $992,500 and $475,000, respectively. Summer sales continue at the rapid pace the market has been experiencing the past few months, with single-family homes recording 404 total sales or an 11.9% increase in July. Condo sales continue to rise significantly year-over-year, outpacing single-family home properties with 671 total condo sales resulting in a 57.5% increase.
The new single-family home median sales price jumped up 21.8% compared to one year ago, while the condo median sales price rose 8.0% above last July’s median price. The new single-family home record ticked up slightly – 1.4% – above the previous record set just last month, while the new record price for condos was 2.9% higher than the previous record of $461,500 set in July 2019.
“We’re seeing these record-high median sales prices because inventory in the affordable and mid-range price brackets are dwindling,” said Shannon Heaven, president, Honolulu Board of REALTORS®. “Mortgage rates also continue to hover near record lows, enabling buyers to secure cheaper financing that, in turn, helps them to close on properties at higher price points.”