Reduced inventory and exceptional demand for bigger homes in September helped set a new price record in Oahu’s housing market that shattered a prior record from a month earlier.
The Honolulu Board of Realtors reported today that previously owned single-family homes on Oahu sold for a median $880,000.
September’s median sale price was 13% above the year-earlier figure of $770,000 and doused the prior record of $839,000 from August.
Some local real estate agents have said in recent weeks that extended government emergency orders aimed at containing the spread of COVID-19 are causing many people to spend more time living and working at home, prompting a significant number to seek bigger accommodations.
“Ultimately, the COVID-19 pandemic has changed how buyers think about purchasing a home, causing them to reevaluate their housing goals and priorities,” Tricia Nekota, president of the trade association representing real estate agents, said in a report released