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In Oahu real estate, one month’s housing-market figures does not a trend make; and over the past 12 months, median sale prices for single-family homes have remained relatively flat. Still, July’s $835,000 median price tag set a record high. The old record, $812,500, was set in September.
The new record is attributed to strong buyer demand, summer being a peak period for sales, and recent declines in mortgage interest rates, which allow buyers to pay more for homes. With long-term mortgage rates falling again this week — the 30-year loan dropped to its lowest level (3.6%) since November 2016 — August sales could see another bump upward.
