A Strong Demand for Single-Family Homes on O‘ahu Continues into the Fall Season

Single-family home prices hit $720,000 and condos reach $370,000.

November 13, 2015

Jaymes Song,

October was another strong month of home sales on O‘ahu. Single-family home prices on the island reached a median of $720,000 last month, the second-highest month on record, and up 4.3 percent from a year ago, according to statistics released Saturday by the Honolulu Board of Realtors.

October also marked the first time home prices broke the $700,000 mark for back-to-back months. This is after a record $730,000 was set in September.

“We continued to see robust sales figures and strong demand for housing in October,” said Jack Legal, president of the board.

Honolulu condo prices, meanwhile, increased 4.9 percent to a median of $370,000, compared to $352,750 a year ago. There were 313 single-family houses and 454 condos that sold during the month, up 5 percent and 1.3 percent, respectively, over October 2014.

For the year, the median home price was at $699,000, up 4.3 percent from the first 10 months of 2014. The median price for condos was $360,000, up 2.9 percent.