The resale price of a single-family home on Oahu fell nearly 8 percent last month, hitting the lowest level in more than five years, according to figures released today by the Honolulu Board of Realtors.
The median resale price of a house dropped 7.9 percent from a year ago, to $317,750. That's the lowest since February 1991, when the median was $315,000.
The decline in median prices (half the sale prices are above the median, half below) has reflected a sluggish housing market, and the sales tally underscored just how soft that market is.
Despite the declines, Scott Bradley, president-elect of the Realtor group, viewed the statistics in a positive light.
"As expected, September sales slowed slightly from the year's high point of activity experienced during the summer months," he said in a statement. "We are encouraged by the continued stability in Oahu's real estate market."
Harvey Shapiro, research manager for the board, said September's price drop continues a general downward trend since the market's peak in 1990. But prices still are well above levels before the late 80s boom, he said. "This is not really new territory."
For the first nine months of the year, house and condo prices are off more than 3 percent from the same period in 1995.
That's not surprising considering that incomes in Hawaii aren't rising and a high number of homes are on the market, Shapiro said. About 2,400 houses were for sale on Oahu last month, nearly double the levels from the boom years.
For some home shoppers, that mix could be a blessing.
"The combination of pricing, available inventory and favorable financing presents the best buying opportunity since the market peaked in 1990," Bradley said.
The board's numbers do not reflect sales of new homes.