The Honolulu Board of Realtors reported today that sales of previously owned homes on the island rose about 13 percent in May over the same month last year, and for single-family houses the number of transactions was the most for any month in a little over three years.
There were 362 single-family homes sold last month, up 13.5 percent from 319 a year earlier.
According to data from the trade association, the sale volume last month was the most for single-family homes since August 2013 when there were 366 sales. However, there were many months with more sales during the prior housing market boom in the mid-2000s that included several months with more than 400 sales.
For condominiums, the number of sales in May rose 13.2 percent to 540 from 477 a year earlier.
The May gains on a percentage-point basis for condos and single-family homes were the highest for any month this year, though year-to-date sale volume is up just 2.2 percent for single-family homes and 8.2 percent for condos.
As for sale prices, single-family houses sold for a median $745,000 in May. That was up 3.6 percent from $719,000 in the same month last year. For the first five months of this year, the median sale price was up 2.8 percent to $740,000 from $720,000 in the same period last year. For all of last year, the median price was a record at $735,000.
The median price is a point at which half the homes sold for a higher price and half for a lower price.
Oahu condos sold for a median $406,500 last month, up 9 percent from $373,000 a year earlier. This year through May, the condo median sale price was up 5 percent to $399,000 from $380,000 in the same period last year. The annual record was $390,000 in 2016.