Oahu home prices creep upward
Home sale prices on Oahu didn’t move much in October, but they maintained positive momentum in a year that is pretty much assured to reach a fifth consecutive annual price high.
The Honolulu Board of Realtors, in a report released today, said the median price for previously owned single-family homes edged up 1.3 percent to $752,000 last month from $742,000 in the same month last year.
Condominiums sold for a median $397,500, which was up 0.4 percent from $396,000 a year earlier.
Demand was stronger despite relatively modest inventory.
There were 355 single-family home sales in October, up 6 percent from 335 sales in the same month last year.
The number of condo sales jumped 14 percent to 489 from 428 in the same period.
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“Oahu’s housing market continues to be strong with consistent sales and steady median prices,” Sue Ann Lee, the board’s president, said in a statement.
Last year’s median price records were $735,000 for single-family homes and $390,000 for condos. Through the first 10 months of this year, the median price, which is a point at which half the sales were higher and half lower, was $755,000 for single-family homes and $405,000 for condos.