WAILUKU, Hawaii (AP) — The highest median price for a single-family home in Hawaii last month was in Maui County at more than $1.1 million.
While Kauai has been seeing the highest median statewide price in recent months, Maui County went higher in June because of a large volume of luxury home sales and low inventory, The Maui News reported Monday.
Maui set a new county record at $1,117,500 according to a report last week from the Realtors Association of Maui. It was a 44.5% increase from the same month last year when the median price was $773,250, the report said.
Kauai’s median was $1.1 million, Oahu’s was $978,000 and the Big Island’s was $465,000, according to data from Hawaii Information Service and Honolulu Board of Realtors.
Low interest rates for mortgages and limited inventory are fueling record high sales prices at a “frenzied pace” in the U.S. housing market, the report said.
“Eager buyers are making multiple offers, some for well over asking price, while others are making offers on homes sight unseen,” the report said.