Housing prices decline on two isles
Median home-sale prices on the Big Island and Kauai declined last month as the residential real estate market continued its correction, according to data released over the weekend by the Hawaii Information Service.
The number of previously owned houses sold on the Big Island decreased 7.4 percent and more than half of these houses traded for $386,500, a 3.1 percent decline from the $399,000 median in July 2006.
A total of 150 homes were sold in July 2007 compared to the 162 that were sold in the prior year.
The Big Island's median sales price for condominiums fell 5.8 percent to $487,500 as compared to $517,533 in July 2006's hotter market.
Only 38 condominiums changed hands in July 2007 as compared to 45 during the same period last year.
On Kauai, the median house price fell to $678,000, a 9 percent decrease over July 2006, when the median was $745,000. Only 33 homes were sold, but that was one more than last year.
The median price for a Kauai condominium, on the other hand, rose to $575,000 in July this year -- a 20.5 percent gain from $477,181 in July 2006. However condominium sales declined by 40 percent as the number of properties that changed hands in July 2007 fell to 27 from 45 the year prior.