AP NEWS

Oahu median home price climbs to record high

October 7, 2018

HONOLULU (AP) — Oahu’s median price for a single-family home hit a record $812,500 last month, a Honolulu Board of Realtors report said.

The price is a 6.9 percent increase from the median price in September 2017 and a slight bump from the previous record of $810,000 set in August, according to the report released Saturday. Median sales price means half the houses sold during the month went for below that number and half were more expensive.

But Honolulu Board of Realtors President Darryl Macha said it is the time to buy because mortgage rates are below 5 percent and more housing is available to buy, the Honolulu Star-Advertiser reported .

The number of active listings last month on Oahu was up about 11 percent for both single-family homes, at 1,361, and condominiums, at 2,053.

Many home listings in September were in the more affordable range of $600,000 to $800,000, Macha said.

Of the 309 houses sold on the island last month, 58 fetched between $700,000 and $799,000. Forty-eight went for $600,000 to $699,000 and 19 homes sold for $2 million or more, the report said.

The latest numbers mark the beginning of a shift in Oahu’s housing market, Macha said, as sales of both homes and condominiums decline and inventory grows.

The Board of Realtors report reflects only resales of existing properties and does not include sales of newly built home.

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Information from: Honolulu Star-Advertiser, http://www.staradvertiser.com

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