The median prices for a single-family home and a condominium on Oahu hit record highs in June, according to the Honolulu Board of Realtors.
The new statistics were released on Monday.
The median price of a single-family home on Oahu jumped 3.4 percent, when comparing numbers from a year ago, to $700,000. The previous high was $685,000 in December 2013.
The median price of a condominium on Oahu climbed 9.1 percent in year-over-year numbers to $360,000. The previous high was $359,000 in February 2014.
"June was a remarkable month, both single family homes and condominiums shattered the previous records for median sales price," said Julie Meier, president of the Honolulu Board of REALTORS. "This shows the very strong demand we’re currently seeing for housing. That demand, coupled with low inventory, is what's causing the continued growth in median sales prices. We do see inventory rising, but not enough to offset the demand, especially for single-family homes."
From June 2013 to June 2014, single-family home sales were down by 1.6 percent. Condo sales were up during that same time period by 4.8 percent.
According to the Days on Market indicator, single-family homes were on the market for an average of only 19 days, while condominiums were on the market for an average of 25 days.