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August home sales strong on Oahu

By Star-Advertiser staff

POSTED:
LAST UPDATED: 10:36 a.m. HST, Sep 07, 2012

Bruce Asato / basato@staradvertiser.comThe median prices for homes and condos on Oahu rose again in July, driven in part by a low inventory. The sale of this house at 91-1012 Hoomaalili St. in Ewa Beach demonstrated the trend: Listed for two years at $600,000, it sold last month for $640,000.

Continued gains in sales and prices of previously owned homes on Oahu last month helped make this summer one of the best in many years for Honolulu's housing market, according the trade group representing local real estate agents.

The Honolulu Board of Realtors reported today that the median price for single-family homes island-wide rose 9.2 percent to $609,000 last month from $557,500 in the same month last year. The number of sales was up 5 percent to 293 from 279.

Condominium sales rose 21 percent to 409 last month compared with 338 a year earlier. The median condo price was up 6.7 percent to $320,000 from $300,000.

"This has been one of the best summers we've seen in many years, with closed and pending sales of both single-family homes and condominiums rising throughout the summer to highs in August," Joe Paikai, president of the trade group, said in a statement. "This is a good indicator that the market is finally recovering."






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