HONOLULU (AP) — The median sale price for single-family homes on Oahu hit another record high in June, the fifth time that's happened in the last six months.
The Honolulu Board of Realtors released a report Tuesday that said the median price for single-family homes increased 27% in June to $979,000, The Honolulu Star-Advertiser reported.
That's compared to $770,000 in June, 2020.
Last month’s median sale price topped the previous record high of $978,000, set in May. Prices in March were $950,000, in February at $917,500 and $883,000 in January.
Economist Paul Brewbaker said the price surge is because of low inventory not meeting demand as people work from home amid the pandemic.
“Demand went up, supply can’t respond,” he said at an online event organized by Honolulu-based real estate brokerage firm Luxury Homes International last month. “It’s a supply chain breakdown, just like computer chips and toilet paper. Single-family homes weren’t being listed at a moment when demand for those types of dwellings went up.”
There were 451 single-family home sales in June, up 49% from 302 in the same month last year.