October 26, 2016 | 76° | Check Traffic

Top News

Oahu home prices resume growth in March


Single-family home resale prices on Oahu stiffened in March, rising a bit after three consecutive months of small declines, according to data released today by the Honolulu Board of Realtors.

The trade association said the median price for previously owned single-family homes rose 2.4 percent last month to $640,000 from $625,000 in the same month last year.

March’s gain followed three months where the median price hovered at about $600,000, or about 1 percent to 4 percent lower than the respective year-ago months. The slips followed median price gains in 11 of 12 months last year.

Several times last year the monthly median home price was around or above $640,000, including as recently as November.

The median price last month was based on 231 sales, which was up 4.1 percent from 222 sales a year earlier.

Oahu’s median condominium price rose 9.1 percent to $340,000 last month from $311,750 a year earlier and unchanged from February.

The number of condo sales rose 21.6 percent to 411 in March from 338 a year earlier.

The Board of Realtors, which historically has reported only resales of previously owned homes, also reported some new condo sales by a developer in March. That project, Holomua, added 174 sales and would have pushed a combined median price for resales and new sales to  $346,700.

No comments
By participating in online discussions you acknowledge that you have agreed to the TERMS OF SERVICE. An insightful discussion of ideas and viewpoints is encouraged, but comments must be civil and in good taste, with no personal attacks. Because only subscribers are allowed to comment, we have your personal information and are able to contact you. If your comments are inappropriate, you may be banned from posting. To report comments that you believe do not follow our guidelines, email commentfeedback@staradvertiser.com.