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Oahu home prices creep upward

Andrew Gomes
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STAR-ADVERTISER / AUG. 2008

A home in Ewa Beach was listed for sale. Home sale prices on Oahu didn’t move much in October, but they maintained positive momentum in a year that is pretty much assured to reach a fifth consecutive annual price high.

Home sale prices on Oahu didn’t move much in October, but they maintained positive momentum in a year that is pretty much assured to reach a fifth consecutive annual price high.

The Honolulu Board of Realtors, in a report released today, said the median price for previously owned single-family homes edged up 1.3 percent to $752,000 last month from $742,000 in the same month last year.

Condominiums sold for a median $397,500, which was up 0.4 percent from $396,000 a year earlier.

Demand was stronger despite relatively modest inventory.

There were 355 single-family home sales in October, up 6 percent from 335 sales in the same month last year.

The number of condo sales jumped 14 percent to 489 from 428 in the same period.

“Oahu’s housing market continues to be strong with consistent sales and steady median prices,” Sue Ann Lee, the board’s president, said in a statement.

Last year’s median price records were $735,000 for single-family homes and $390,000 for condos. Through the first 10 months of this year, the median price, which is a point at which half the sales were higher and half lower, was $755,000 for single-family homes and $405,000 for condos.

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