Home, condo prices hit new record
Median home and condominium prices hit new records last month on Oahu, even as the number of sales lagged last year.
The median home price on Oahu was $685,000 in June -- up 7.2 percent from the year-ago $639,000 and 5.4 percent above the $650,000 median in May, according to resale figures released today by the Honolulu Board of Realtors. The previous record was $668,300, set in May 2006.
A total of 338 previously owned homes were sold last month, down 8.2 percent from the 368 sold in June 2006.
Likewise, more than half of the condominiums sold on Oahu last month traded at $334,000 -- up 7.7 percent from the year-ago median of $325,000 and up 2.8 percent from May 2007's $310,000 median. The previous record was $329,000, in July 2006.
The number of condominium sales dropped to 547 last month, a 14.7 percent decline.
"Although the number of sales has diminished from their peak in 2005, the market is still very active and maintaining a healthy equilibrium with adequate supply and strong demand," said Berton Hamamoto, president of the Honolulu Board of Realtors.
Oahu residential markets continued to push price envelopes in June, said Harvey Shapiro, Research Economist at the Board of Realtors.
Sales of more than $1 million were recorded in 10 out of 17 single-family home neighborhoods tracked by HBR last month, and three of the neighborhoods registered sales of more than $3.8 million, Shapiro said.
"These high-end sales confirm the opinion held by many Realtors that there continues to be substantial demand for our properties and that prices most likely will not be adjusting downward anytime soon, if at all," he said.