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Oahu’s median home price drops 5 percent in May

  • GEORGE F. LEE / GLEE@STARADVERTISER.COMParamedic Kenneth Faria expects to close on the purchase of his new Trades by Gentry at Laulani home in Ewa Beach next week.
    GEORGE F. LEE / GLEE@STARADVERTISER.COM
    Paramedic Kenneth Faria expects to close on the purchase of his new Trades by Gentry at Laulani home in Ewa Beach next week.

The median price for a single-family home on Oahu dropped 5.1 percent in May to $630,000, but the number of homes sold was up 9.5 percent and the condo market was strong.

The Honolulu Board of Realtors reported today that sales of condominiums increased by 21.8 percent from May 2012. The median price for condominiums increased 5 percent from May of last year to $315,000.

“May was an especially strong month for condominium sales. Not only did we see both sales and the median price increase, but sellers also received, on average, 99.1 percent of their original listing price,” said Kevin Miyama, president of the Honolulu Board of Realtors.

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