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Oahu home prices dipped in May

Median sale prices for Oahu homes dipped last month in what continued a trend this year of light, mostly downward movement for the broad measure of Honolulu housing costs.

The Honolulu Board of Realtors today announced that previously-owned single-family houses on the island sold for a median $770,000 in May, down 1% from $778,000 in the same month last year.

For condominiums, the median sale price slipped 2.9% to $417,500 from $430,000 in the same period.

The median price is a point at which half the homes sold for more and half for less.

Sales volume for Oahu single-family homes and condos was mixed.

Single-family home sales edged down 3.6% to 320 last month from 332 a year earlier, while condo sales rose 5.1% to 520 from 495.

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