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Single-family homes sold for a median $752,000 in March, up 4 percent from $725,000 in the same month last year. It was the fifth month since the start of last year where the median was $750,000 or higher.
Home sale prices on Oahu rose 4 percent in March, according to the Honolulu Board of Realtors.
The trade association, which released the figures for sales of previously owned homes today, also said the number of purchases were a little higher last month for both single-family houses and condominiums.
Single-family homes sold for a median $752,000 in March, up 4 percent from $725,000 in the same month last year. It was the fifth month since the start of last year where the median was $750,000 or higher. The high was $760,000 in June.
There were 309 single-family home sales last month, up 4 percent from 297 a year earlier.
Condos sold for a median $400,000 last month, up from $385,000 a year earlier. The 4 percent gain was small, but showed that Oahu’s residential real estate market continues to be in an appreciating cycle that analysts have said is driven by relatively little new home building, low interest rates and good demand from buyers fueled by job and income growth.
The median price is a point at which half the sales were at a lower price and half at a higher price.
Last month represented the third time since the beginning of last year where the condo median was $400,000 or higher. The high was $405,500 in June.
There were 495 condo sales in March, up 1 percent from 491 sales in the same month last year.
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