comscore Oahu home prices dip in January | Honolulu Star-Advertiser
Top News

Oahu home prices dip in January

[ AD HAS BEEN REMOVED FROM THIS STORY ]

The median price for single-family homes sold on Oahu dipped a bit for a second consecutive month in January, edging down 3.9 percent to $595,000 from $618,900 a year ago, according to a Honolulu Board of Realtors report released today.

Last month’s decrease followed a 0.8 percent dip in December after a year of mostly moderate increases that put the median price for all of 2012 at $620,000 and up 7.8 percent.

Condominium prices continued their positive run for a seventh straight month, rising 3.3 percent to $315,000 in January from $305,000 in the same month last year.

Kevin Miyama, president of the trade association and an agent with Prudential Locations, said the median price for single-family homes in January was dragged lower due to an increase in the proportion of mid-priced and lower-priced home sales.

The median price is a point at which half the sales are for a higher price and half for a lower price, so the measure can be swayed by more transactions at the high or low end.

There was a 30 percent surge in the number of single-family home sales last month, to 227 from 175 a year earlier.

Miyama said many first-time homebuyers, who typically buy lower-priced homes, were responsible for the big gain that had a negative effect on the overall median price.

The number of condo sales rose 6 percent to 286 from 270 in the same period.

Click here to see our full coverage of the coronavirus outbreak. Submit your coronavirus news tip.

Be the first to know
Get web push notifications from Star-Advertiser when the next breaking story happens — it's FREE! You just need a supported web browser.
Subscribe for this feature
Comments have been disabled for this story...

Scroll Up