Pacific Business News reported earlier this week that Oahu home prices rose 7.5% in August on 6.5% increase in sales. Find the article below:
The median price of a single-family home on Oahu rose by 7.5 percent last month to $699,000, while August also saw a 6.5 percent bump in sales compared to the same time last year, according to statistics from the Honolulu Board of Realtors.
There were 344 single-family homes sold last month, a 6.5 percent jump from the 323 that were sold in August 2014. Meanwhile, the median sales price of single-family homes rose last month by 7.5 percent to $699,000, from $650,000 during the same month last year.
That’s still lower than this year’s record $710,000 median sales price that was reached in July.
“August single-family home sales showed healthy gains over last year,” Honolulu Board of Realtors President Jack Legal said in a statement. “We were pleased to see the inventory of homes increasing, and pending sales are up almost 9 percent, which indicates a strong trend heading into September.”
Although the number of condominium sales fell by 3.6 percent last month to 428, compared to the 444 that sold in August 2014, the median sales price of those condo units rose slightly to $354,000. That was an increase of 1.1 percent from the $350,000 median sales price for condo units sales during the same time last year.
Year-to-date, a total of 2,270 single-family homes on Oahu were sold between January and August, an increase of 5.1 percent compared to the same eight-month period last year, when 2,160 single-family homes were sold. The median price of a single-family home for the first eight months of the year was $693,000, which was 4.2 percent higher than the median price for the first eight months of 2014, which was $665,000.
Year-to-date condominium sales also rose, with 3,312 sold between January and August, an increase of 3.7 percent compared to the 3,194 condo units that were sold on the resale market during the same eight-month period last year. The median condo price for that time period rose 2.4 percent to $358,250, from $350,000.