The median price of a condo in the Ala Moana-Kakaako neighborhood has risen 74.6% since June last year, according to a new report by Prudential Locations.

The real estate analysis, which compared April through June 2014 with the same period last year, found that the median home price in Ala Moana-Kakaako leapt from $335,000 to $585,500.

The jump in price was driven by many more sales of luxury condos in the area, a state redevelopment district which is in the midst of residential development boom.

The huge price increase in Ala Moana-Kakaako helped drive up the median price of a condo throughout Oahu by more than 10 percent to $360,000.

Meanwhile, the median price of a single family home on Oahu rose 4.7 percent to $675,500. Sales and median home prices both rose in several neighborhoods including Ewa, Hawaii Kai, Kaimuki, Leeward, Makakilo and Mililani, the analysis found.

Click here to read the full report.

July 2014 Real Estate Prudential Locations

Prudential Locations

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