Honolulu’s housing market continues to see high prices, with two price records broken in July 2019. Sales for single-family homes and condos were higher than any month before, and prices increased. The median sales price of condos in July 2019 was $461,500, a 7.5% increase from $429,500 in 2018. This is the highest the median sales price of condos has reached since March 2018. With no newly constructed condo towers during this time, these numbers show that the demand for condos continues to be strong and sellers are able to sell at highly competitive prices.
Read more from The Honolulu Star-Advertiser, below:
Oahu’s housing market broke two price records in July, including one that had stood for more than a year.
The Honolulu Board of Realtors reported today that median sale prices for previously owned single-family homes and condominiums reached new peaks last month that were higher than any month before.
Single-family homes sold for a median $835,000 in July, up 5.8% from $789,500 in the same month last year. The prior record was $812,500 in September.
For condos, the median sale price last month rose 7.5% to $461,500 from $429,500 a year earlier. The old record of $435,000 was more than a year old and was set in March 2018.
Jenny Brady, Honolulu Board of Realtors president, suggested in a statement that lower mortgage interest rates may have enabled buyers to pursue more expensive homes.
Brady noted that there were 80 single-family home sales last month for between $900,000 and $1.2 million compared with 51 sales in the same range a year earlier. A similar boost happened in Oahu’s condo market, where there were 149 sales for between $500,000 and $699,999 in July compared with 106 sales in the same range a year earlier.
The number of sales overall was higher in July, the trade association report said.
Single-family home purchases rose 12.7% to 372 last month from 330 a year earlier. Condo purchases edged up 2.2% to 513 from 502 in the same period.