The median price of a home in Honolulu hit a historic $719,500 in November, according to new data from the Honolulu Board of Realtors.

The previous record high was $700,000 in June.

Honolulu Board of Realtors president Julie Meier said the increase was driven by the sales of many high-end homes. More than 75 percent of the homes sold in November cost more than $550,000, and about a fourth of the homes sold went for more than $1 million. The average home price was $974,012.

Construction cranes against backdrop of condominium buildings in Kakaako. Honolulu, Hawaii.  20 nov 2014. photo Cory Lum.

Construction cranes against backdrop of condominium buildings in Kakaako on Nov. 20, 2014.

Cory Lum/Civil Beat

Meier said the number of homes available for sale under $550,000 has “dwindled drastically.”

“The demand for homes continues to outpace current inventory levels,” Meier said in a press release. “Simply put, there aren’t as many properties at the moderate end of the spectrum for potential homeowners to consider at the moment.”

Honolulu is in the midst of an affordable housing crisis, causing some families to move away because the cost of living is so high.

Policymakers have been debating ways to make housing more affordable, including shifting their focus to providing more rental units.

Meier said condos are still within the reach of first-time home buyers. The median price of a condo in Honolulu last month was $343,000, an increase of about 4 percent compared with the same month last year.

The bulk of new condos are being built in Kakaako. Click here to see a map of all the recent Kakaako developments.

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