Median price for a single-family home on Oahu hit $992,500 in July

HONOLULU (HawaiiNewsNow) - The median price for a single-family home continued to rise in July, hitting $992,500.

That’s up from $815,000 a year ago.

Competition in the housing market remains stiff as homes are selling faster, getting more offers, and being sold for far over the asking price.

Meanwhile, the median price for a condo on Oahu hit $475,000 last month, up 8% from last year.

“We’re seeing these record-high median sales prices because inventory in the affordable and mid-range price brackets is dwindling,” said Shannon Heaven, president of the Honolulu Board of Realtors.

Last month, 70% of single-family homes on Oahu sold for above asking price.

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