Housing Prices Hit Record Highs
Twenty homes sold for at least $2 million each in Honolulu in June.
It’s getting obscenely expensive to buy a home or condo in Honolulu.
According to data from the Honolulu Board of Realtors, the median price of a single-family house in Honolulu in June was $760,000. The median price of condo during the same month was $405,500.
Both are historically high prices in a city where the demand for homes far outpaces supply, resistance to new development is fierce and homelessness is steadily increasing.
Kalama Kim, president of the , said in a press release that the median price of a home in June “was skewed a bit by the sale of 20 properties for $2 million or more.”
“Affordable homes are still available, as 124 of the properties sold were for under $700,000,” Kim said. “As for condos, 267 units were sold for under $400,000.”
Still, that suggests 200 single-family homes were sold for at least $700,000 and 281 condo were sold for at least $400,000.
Plus, given the relatively low salaries in Honolulu, a $600,000 home is still out of reach for many residents.
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