Single-Family Home Prices on O‘ahu Are Second-Highest on Record in July
O‘ahu home prices hit $710,000 in July.
Single-family home prices on O‘ahu reached a median of $710,000 in July, the second-highest month on record, according to statistics released Friday by the Honolulu Board of Realtors.
The figure was short of the record $719,500 hit in November 2014, and represented a 3.9 percent increase from July 2014.
At the median of $710,000, a homebuyer would need $142,000 for a traditional 20-percent down payment. An example of a $710,000 property is a 1,789-square-foot, three-bedroom, two-and-a-half bathroom home in the Makakilo-Royal Ridge neighborhood with views, which sold July 22.
Condo prices, meanwhile, slipped slightly to a median of $350,000, compared to $351,750 a year ago.
“July continued the healthy trend in housing sales that we saw in the previous month,” said Jack Legal, president of the board. “We were pleased to see strong sales of more affordable housing, primarily involving the condo market.”
While real estate prices appear to be stable, or up modestly from last year, sales are still going strong, with double-digit gains in single-family homes and condos. There were 337 homes and 501 condo units sold in July, up 12.3 and 12.8 percent, respectively, from a year ago, according to the board.
Legal said there were 256 condos sold in July priced below $350,000. About a third of the lower-priced units were in Mākaha, Makakilo, Makiki or Ala Moana.
For the year, the median home price was at $690,000, up 2.3 percent from the first seven months of 2015. The median price for condos is $359,000, up 2.6 percent.
The University of Hawai‘i Economic Research Organization predicted in its Hawai‘i Construction Forecast in March that home prices would reach a median of $709,600 this year, while condos would hit $365,000.
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