HONOLULU — The median sale price for a single-family home on the island of Oahu in Hawaii has surpassed $1 million.
The Honolulu Star-Advertiser reported that the median price in August reached $1,050,000, according to Honolulu Board of Realtors data released Tuesday.
“Market conditions have been pointing to a $1M median single-family home price this year for some time,” Jason Lazzerini, president and CEO of brokerage firm Locations, said in a report last month.
The Honolulu Board of Realtors said the record was up 25% from $839,000 in the same month last year.
The August peak for single-family homes was the seventh monthly record set this year.
The islands of Kauai and Maui hit the million-dollar mark in January and May respectively.
Hawaii economist Paul Brewbaker said “this is not a bubble” and that he expects the demand will eventually ease.
“This is transitory,” Brewbaker said. “We need to put that in perspective.”
He said demand has been driven in part by stay-at-home workers during the pandemic.
Honolulu Board of Realtors President Shannon Heave said the August spike was driven by a tripling of homes sold for more than $2 million.
“Those really begin to push that median price up,” she said.