Oahu housing prices moved up slightly in May but sales continued to lag during the prime spring homebuying season.
The median price for single-family homes rose 4.4 percent to $778,000 from $745,000 in the year-earlier period while condo prices increased 5.8 percent to $430,000 from $406,500, according to data released today by the Honolulu Board of Realtors. The data covers previously owned homes and condos but not new properties.
Sales fell 8.3 percent in both categories. Single-family home sales declined to 332 from 362 while condo sales dropped to 495 from 540.
“The Oahu market experienced a very deep trough with sales in January and February and we continue to slowly trend upwards,” Darryl Macha, president of the Honolulu Board of Realtors, said in a statement. “Pending sales are also experiencing a slow climb and we’re anticipating sales to peak in late summer.
Pending sales of single-family homes rose in May for the third straight month to 502 while the 751 pending sales for condos was down from April after three straight months of increases. Pending sales are signed purchase contracts that have not closed escrow.