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Oahu home prices continue to rise

By Star-Advertiser staff

LAST UPDATED: 09:46 a.m. HST, Mar 07, 2012

Dennis oda / doda@staradvertiser.comThe median price of single-family homes sold last month on Oahu was $580,000, up from $574,500 a year earlier. This 1,280-square-foot home in Pacific Heights, built in 1966, was listed in August for $599,000 and sold last month for $580,000.

Oahu's housing market extended a streak of rising median prices on single-family homes in February with a nearly 10 percent gain that represented the fourth consecutive increase and the biggest in the string.

The Honolulu Board of Realtors released a report today showing that the median sale price for previously owned homes last month rose 9.6 percent to $625,000 compared with $570,000 a year earlier.

February's gain was the biggest year-over-year rise for any month since August 2010 when the median price rose 15.2 percent. Gains since November ranged from 1 percent to 8.6 percent.

Four months of straight increases represent momentum after median prices declined for most of last year, falling in nine of 12 months.

Sales volume also rose for single-family homes last month. There were 217 sales, up 19.9 percent from 181 sales in the same month last year.

"February was an extremely strong month in the single-family housing market," Joe Paikai, president of the trade association, said in a statement.

In Oahu's condominium market, the number of sales fell 23.1 percent to 227 last month from 295 a year earlier. The median price also was down, slipping 1.6 percent to $315,000 from $320,000 in the same period.

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allie wrote:
This is good news. Obama's economy is comign back strong!
on March 7,2012 | 08:56AM
Hapa_Haole_Boy wrote:
Nothing to do with Obuma. Had he not done asinine things like Cash For Clunkers, Detroit Bailouts and Obumacare, the economy would have recovered far sooner.
on March 7,2012 | 09:25AM
Changalang wrote:
Green light for Carlisle to raise property tax revenues via increased assessed property values; 10 percent more City collected dollars from property taxes to feed the Rail Mafia monster after the election year. All in the plan.
on March 7,2012 | 02:23PM
Kokoy wrote:
Mind blowing information, thank you.
on March 7,2012 | 02:46PM
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