Oahu’s median condominium prices reach new height two years in a row. Based on Honolulu Board of Realtors’ latest monthly sales report, the new record of Oahu’s condo prices sets $381,500 last month which is 19 percent increased amount from $320,000 in the same month last year. On the other hand, The median price for single-family house increased 7 percent to $675,000 from $629,500 in 2014. As prices have increased, the number of sales have dropped in January compared to last year.
Local economists have been saying that new home construction near record lows on Oahu influence the median prices.In addition, other factors like rising personal income, falling unemployment, low interest rates and record tourism also put pressure on the median prices. Also, the Economic Research Organization at the University of Hawaii published a forecast in August predicting Oahu home prices will rise through at least 2017.