Oahu's annual median prices for single-family homes hit $700,000 in 2015 compared to $675,000 in 2014. It was 2004 when the median reached $600,000. That makes the appreciation of $100,000 in 10 years.
On condominium prices, the annual median was $360,000 in 2015 and $350,000 in the previous year.
In some areas, price adjustments were inevitable and the days on the market prolonged. The robust activities were seen, however, in the price range of $500,000 and $1,200,000. Especially in Ewa Beach, Kapolei, Waianae Coast, moving-up buyers with good down payments and military buyers with monthly housing (in the range of $2,400 to $4,000) and cost-of-living adjustments (in the range of $500 to $900 contributed to the strong market activities, according to Mr. John Riggins, owner of John Riggins Real Estate (Honolulu Staradvertiser Jan 7, 2016)
We here concerned voices that the interest rate increase may affect the real estate market. There is an optimism in the air, however, that those who have been on the fence may get motivated to purchase before it gets too high.
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