The market appears to be heating up quickly as indicated by a record-setting July. Median sales prices for single-family homes have increased 5.8 percent compared to the same period in 2018, reaching a new all-time high of $835,000. The number of single-family home sales are also up 12.7% to 372.
Condominium sales have also reached a record median price at $461,500, a 7.5% increase over July 2018.
According to Honolulu Board of REALTORS® President Jenny L. Brady, “Lower mortgage interest rates may have enabled buyers to consider a slightly wider price range. A large portion of the year-over-year increases occurred at above-median price points. This July, there were 80 singlefamily homes that sold in the $900,000 to $1,199,999 price range, compared to 51 last year. For condominiums and townhouses in the $500,000 to $699,999 price range, there were 149 sold this July compared to 106 last year.”