POSTED: 12:46 p.m. HST, Jul 9, 2012
Positive momentum for single-family home median sale prices on Oahu continued for an eighth consecutive month, rising 10.2 percent to $620,000 in June, according to a Honolulu Board of Realtors report released today.
The increase from $562,500 in June 2011 was the third-largest in percentage-point terms and also generated the third-highest median price this year for previously owned homes, further solidifying what analysts believe is a sustainable recovery for Hawaii's largest housing market after a 3 percent decline last year.
For the first six months of this year, the single-family home median sale price is up 8.7 percent at $619,750 from $570,000 in the same period last year.
Sales volume year-to-date is close to flat at 1,380 homes this year compared with 1,375 during the first six months of last year.
Volume in June was up 12.5 percent at 279 sales compared with 248 a year earlier. Since January, the only other month with higher year-over-year sales was February with a 20 percent gain.
Joe Paikai, president of the Honolulu Board of Realtors, said in a statement that he is optimistic that increased sales activity will continue through summer based on what he described as dramatically higher levels of pending sales.
In Oahu's condominium market, the number of sales in June slipped 3.4 percent to 342 from 354 in the same month last year. Year-to-date, condo sales are down 3.3 percent to 1,943 from 2,009 last year.
The median price for condo sales in June was $297,000, down 1.3 percent from $301,000 a year earlier. Year-to-date, the median condo price is up 0.5 percent at $306,000 from $304,500.