Hawaii News Oahu’s housing market stalls after record high By Michael Tsai Sept. 7, 2014 Mahalo for supporting Honolulu Star-Advertiser. Enjoy this free story! Cindy Ellen Russell / 2013The median price for single-family homes in July edged up to $683 Read more Mahalo for reading the Honolulu Star-Advertiser! You're reading a premium story. Read the full story with our Print & Digital Subscription. Subscribe Now Read this story for free: Watch an ad or complete a survey Log In Already a subscriber? Log in now to continue reading this story. Activate Digital Account Print subscriber but without online access? Activate your Digital Account now. Two months after hitting a record high of $700,000, the median price for a single-family home dropped to $650,000 in August, according to statistics reserved for release Sunday by the Honolulu Board of Realtors. The figure is 2.3 percent lower than August 2013, marking the first time this year the monthly median sales price has lagged behind the same point from the previous year. HOME SALES The number of homes sold on Oahu in August with the median price and percentage change from the same month last year: HOMES SALES August 2014 323 August 2013 366 Change -11.7% MEDIAN PRICE August 2014 $650,000 August 2013 $665,000 Change -2.3% CONDOS SALES August 2014 444 August 2013 460 Change -3.5% MEDIAN PRICE August 2014 $350,000 August 2013 $350,000 Change 0% Source: Honolulu Board of Realtors The total number of sales is also significantly less than the previous year. Last month, the were 323 single-family home resales, compared to 366 in August 2013, a difference of 11.7 percent. The median price of a condominium — $350,000 — remained the same as the previous August, but total sales were down to 444 from 460 at the same time last year, a drop of 3.5 percent. Honolulu Board of Realtors President Julie Meier cautioned not to read too much into the comparison. "While on the surface it may look like this past August was not on par with last August for sales of single-family homes, the truth is that August 2013 was a banner month — the high point of sales for the year," Meier said in the monthly release. "It would have been very difficult to duplicate that this year." Meier noted that the average single-family home was on the block for only 15 days before being sold and that inventory of single-family homes and condominiums continues to climb. Condominiums were on the market for an average of 23 days in August. In June, median sales prices for both single-family homes ($700,000) and condominiums ($360,000) hit record highs. In July, the median price for a single-family home was $683,500, up from $647,500 at the same point the previous year. The median price for a condominium was $351,750, compared to $345,500 in July 2013. Previous Story Isles face widening shortage Next Story Budget crisis idles Guard across U.S.