POSTED: 9:39 a.m. HST, May 7, 2012
LAST UPDATED: 9:49 a.m. HST, May 7, 2012
Previously owned single-family homes on Oahu sold last month for a little bit more than they did in the same month last year collectively, extending a string of median price increases to six consecutive months.
The Honolulu Board of Realtors reported today that the median sale price of homes edged up 2.6 percent in April to $600,000 from $585,000 in the same month last year.
April's median price was the lowest this year. In the first three months of this year, the median ranged from $618,900 to $625,000. The recent gain also was dwarfed by the increases in the three earlier months ranging from 8.6 percent to 13.9 percent. Still, the April gain further solidifies what some industry observers are calling a strengthening of home values.
Part of the price movement is coming from relatively tight inventory of homes available for sale. There were 1,165 single-family homes on the market last month, 19 percent fewer than the 1,446 in the same month last year.
Low inventory has put positive pressure on prices while also working to keep a lid on sales. There were 217 sales last month, down 5.2 percent from 229 a year earlier.
In Oahu's condominium market, sales were down 9.5 percent to 343 last month from 379 a year earlier. The median condo price was up 4.6 percent to $319,000 from $305,000.
The median is a price at which half the homes sold for more and half for less.