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Home sales still light on Oahu but show improvement in July

Oahu’s housing market remained depressed in July, though new sale data published today shows the severity of the decline is easing.

The Honolulu Board of Realtors reported that sales of previously owned homes last month slipped 3% for single-family houses and 17% for condominiums compared with a year ago.

The 3% decline for single-family home sales represented an improvement from year-over-year declines of 8% in June, and about 22% in April and May.

For condos, last month’s 17% decline also was a dramatic improvement from year-over-year declines of 34% in June, 51% in May and 28% in April.

Still, the market has yet to rebound from negative territory.

In July, there were 361 single-family home sales, down from 372 in the same month a year ago.

For condos, there were 426 sales compared with 513 in the same comparable period.

Median sale prices were down modestly in July.

Single-family homes sold for a median $815,000 in July, down 2.4% from $835,000 a year earlier.

Condos sold for a median $440,000 last month, down 4.7% from $461,500 a year earlier.

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