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Oahu home, condo prices continued climbing in July

By Star-Advertiser staff

LAST UPDATED: 11:22 a.m. HST, Aug 7, 2012

Oahu's housing market continued to see higher median sale prices going into the second half of the year, according to a report released today by the Honolulu Board of Realtors.

The median price for single-family homes rose 7.4 percent to $635,000 last month from $591,000 in the same month last year. July's median was the second-highest this year, after $664,000 in May.

In Oahu's condominium market, the median sale price surged 15.5 percent to $320,000 last month from $277,000 a year earlier. The figure last month was the highest this year, after $319,000 in April and represented the biggest year-over-year gain on a percentage-point basis.

The number of sales were also positive last month. There were 265 single-family home sales in July, up 5.6 percent from 251 sales a year earlier. There were 364 condo sales, up 21.3 percent from 300 in the same comparable period.

Joe Paikai, president of the Honolulu Board of Realtors, called the sale and median price results "exceptional" and said activity in the fall months should be great based on pending sales.

The report by the trade group counts sales of previously owned homes that close in July, which typically reflect sales contracts signed one to three months prior.

For the first seven months of this year, Oahu's single-family home sale price is up 7.8 percent to $620,000 from $575,000 in the same period last year. The median has been up in every month this year.

The year-to-date condo median price is up 3.3 percent to $310,000 from $300,000, having risen in four of seven months compared with the same months last year.

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