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Oahu home sale prices surge

By Star-Advertiser staff

LAST UPDATED: 10:34 a.m. HST, Apr 9, 2012

A resurgence in the median sale price of previously owned single-family homes on Oahu continued in March, extending a string of year-over-year gains to five consecutive months.

The median price surged 13.9 percent last month to $625,000 from $548,500 in the same month last year, according to a Honolulu Board of Realtors report released today.

The gain was the biggest for any month since the string began in November. However, the rise looked particularly strong because the March 2011 median price was particularly weak, representing a low for any month since January 2009.

In Oahu's condominium market, the median price slipped 1 percent to $311,750 in March from $315,000 a year earlier. That followed a 1.6 percent decrease in February and a 4.8 percent gain in January.

The median is a point at which half the sales were for more and half for less.

Sales volumes moved in opposite directions from median prices last month.

The number of single-family home sales fell 10.8 percent to 222 last month from 249 a year earlier. Condo sales rose 2.1 percent to 338 from 331.

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