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Oahu home prices up 12 percent

Positive price momentum returned to Oahu’s housing market in May after a dip in April, as the median price for previously owned single-family homes rose 12 percent last month.

The price gain to $606,000 from $542,000 in May 2009 was the largest this year after an 11 percent rise in January, according to data released today by the Honolulu Board of Realtors.

Median prices also rose in February and March by about 4 percent, but declined 6 percent in April.

For the first five months of this year, the median single-family home sale price is up 3 percent to $585,000 compared with the same period last year, though it is still 7 percent below the comparable figure for 2008.

The number of home sales in May was up 32 percent to 284 from 216 in the same month last year.

In the condominium market, the median sale price was up 4 percent to $312,500 in May from $300,000 a year earlier.

There were 355 condo sales, up 36 percent from 262 in the same period.

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