The median price of a single-family home in Honolulu leapt to an all-time high of $700,000 in the month of June, according to new data from the Honolulu Board of Realtors.
Meanwhile, the median price of a condo jumped by more than 9 percent compared with June last year, hitting a record $360,000.
Julie Meier, president of the Honolulu Board of Realtors, called the record high prices “remarkable” and attributed them to high demand for homes and condos coupled with low supply.
“We do see inventory rising, but not enough to offset the demand, especially for single-family homes,” she said in a press release.
Previously, the highest median sales price for a home was $685,000 in December last year. The median price of a condo was $359,000 in February.
The Honolulu Board of Realtors also found that single-family homes stayed on the market for an average of just 19 days in June, and home sales fell by 1.6 percent. Condo sales rose by nearly 5 percent and units remained on the market for about 25 days.
Click here to read the full report.