HONOLULU — Housing prices on Oahu hit record levels in June thanks to an improving economy and tight supply.
The median cost for a single-family home was $700,000, eclipsing the June 2007 record of $685,000, according to statistics released Monday by the Honolulu Board of Realtors.
Condominium prices also reached a new median high in June of $360,000, topping the previous record of $359,450 set in February, the board said.
June’s median single-family home price is just a 3 percent gain from the same month last year, which was $677,250.
For the first six months of 2014, both the median single-family house and condo sale prices gained 7 percent, to sit at $669,500 and $350,000 respectively.
The gains in the state’s biggest residential market are fueled by low interest rates, rising personal income and job growth, the Honolulu Star-Advertiser reported. Meanwhile, there’s relatively little new housing and fewer people selling existing homes.
There were 1,200 single-family houses on the market at the end of June, a decrease from May when there were 1,279 houses for sale. Condo inventory at the end of last month was at 1,749, also down from 1,793 in May.
“That demand, coupled with low inventory, is what’s causing the continued growth in median sales prices,” said Julie Meier, president of the board and an agent with Prudential Locations LLC.