POSTED: 9:40 a.m. HST, Jul 8, 2013
LAST UPDATED: 12:34 p.m. HST, Jul 8, 2013
Increased demand for higher-end homes on Oahu helped produce a spike in the median sale price of single-family homes last month that came close to an all-time record for a single month, according to a report released today by the Honolulu Board of Realtors.
The median sale price in June rose a fairly modest 9 percent to $677,250. But that was enough to almost reach the $685,000 peak for a single month in June 2007.
However, for the first six months of this year, the median single-family home sale price is up just 0.8 percent to $625,000 compared with $619,750 for the same period last year. The annual median price peaked at $643,500 in 2007.
The volume of June home sales rose 10 percent to 308 from 279 in the same month last year. Year-to-date, the number of sales is up 12 percent to 1,540 from 1,380 a year earlier.
In Oahu’s condominium market, the median sale price rose 11 percent to $330,000 in June from $297,000 a year earlier. The number of condo sales rose 15 percent to 392 from 342 in the same period.