Oahu home sales still lagging
last year’s pace

By Russ Lynch

Oahu home sales last month continued to lag last year, with resales of existing single-family homes down 5.1 percent from October 1995 and condominium resales down 13.5 percent.

Prices were down also, more so for condominiums than houses, according to figures from the Honolulu Board of Realtors.

The real estate trade association said that 150 single-family homes changed hands last month, compared with 158 in October of last year, while 167 condominium units were sold, down from 193.

The median price among single-family homes was $340,000, down 1.6 percent from $345,500 a year earlier, and the condominium median, the price at which half the properties sold for more and half sold for less, was $163,500, down 13.9 percent from $190,000 a year earlier.

However, the pace of sales of single-family homes did pick up in October compared with earlier in the year and there were other signs of a strengthening market, said Helen Lindemann, president of the 4,400-member association.

Lindemann said the average house sold last month had been on the market for 68 days, nine days shorter than in September.

"That's more than three weeks faster than in the same period last year," she said.

The number of properties going into escrow last month, both houses and condominiums, was at its highest since May, she said. "Both of these indicators suggest a strengthening market."

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