The Oahu single-family home median price topped $1M for the second consecutive month in August, while the condo median price reached a new benchmark at $500,000. The resale condo market is becoming increasingly competitive, as more buyers look to condos and townhouses, either as alternatives to single-family homes or as investment properties.

The Oahu single-family home median price reached a record-high $1M in July 2021, surpassing previous record-high medians set in May and June of this year. Market conditions have been leading up to a $1M median single-family home price for some time, as lack of available inventory continues to drive up prices and fuel buyer competition.

Mortgage interest rates, which hit record lows in December 2020 before ticking up again this year, have been trending back down over the past several weeks. This week, mortgage interest rates fell to a low not seen since mid-February 2021, giving prospective homebuyers some additional buying power.

Single-family home and condo sales soared in June 2021, as more sellers listed their properties to capitalize on rising home values and thee fast-paced market. Prospective buyers are continuing to take advantage of historically low interest rates in anticipation of a potential rise later this year.