Oahu home prices resume growth in March
May 27, 2017 | 78° | Check Traffic

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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.

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