Oahu home prices get jump on new year with January gain

The median price for previously owned single-family homes sold on Oahu in January rose 8.6 percent — enough to reach a 16-month high, according to a Honolulu Board of Realtors report released today.

The median was $618,900 last month compared with $570,000 in the same month last year. The gain followed year-over-year increases in November and December, and contrasts with a 3 percent decline registered for all of 2011.

Oahu condominiums sold last month also showed pricing strength with the median price rising 4.8 percent to $305,000 from $291,000 a year earlier.

Joe Paikai, president of the trade association, said the figures are encouraging. "It’s great to be able to start off the new year with positive signs of market recovery," he said in a statement.

Buyer demand, however, continued to show signs of softness. The number of single-family home sales decreased 12.1 percent last month to 175 from 199 a year earlier. Condo sales eked out a gain, rising 1.9 percent to 270 from 265.