HONOLULU (Island News) — Oahu home sales have heated up this summer. The latest Honolulu Board of Realtors report shows that July year-over-year single-family home sales spiked by 20%.

However, the same could not be said for condominium sales, which dipped nearly 8% in July.

The number of single-family home sales was up by nearly 5%, while the number of condo sales increased slightly by almost 2%.

The median sales price for a single-family home is now up to just over $1.1 million.

The median sales price for a condo is now up to a little more than $500,000.

“While year-over-year sales are mixed, we saw activity in both single-family home and condo sales pick up in July, which is typical for this time of year,” said Fran Gendrano, president of the Honolulu Board of Realtors. “Demand and median sales prices are continuing to hold steady, particularly in the single-family home market, despite an uptick in active inventory.”

Single-family homes moved at a similar pace to 2023, with July sales reflecting 15 median days on market, one day quicker than the median in July 2023. However, the condo median days on market was nearly twice as long as July 2023, climbing from 16 to 30 days.

“We’re closely monitoring the interest rate, condo insurance and new practices and policies that could affect our market, but it will take some time to see any impact,” Gendrano said.”