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Oahu housing Total sales of previously owned single-family homes jumped 19.6 percent last month on Oahu, beating the year-earlier total for the 38th month in a row, the Honolulu Board of Realtors said today.
market surges
Home and condo purchases
jumped in August but the median
prices of the sales were mixedBy Tim Ruel
Star-Bulletin
The real estate trade association said 323 single-family homes sold in August compared with 270 during the same month last year. Condominium resales also took off, rising 25.1 percent to 369 from 295 in August 1999.
Median sales prices for homes rose 3 percent to $309,000 from $300,000 last year, while condominium prices fell 4 percent to $120,000 from $125,000. Median price means that half the units sold for more and the other half sold for less.
For the first eight months of the year, home resales volume totaled 2,088, up 12.2 percent from 1,861 from the same period last year. Year-to-date condo resales rose 22.4 percent to 2,578 from 2,106. Increased sales have substantially boosted dollar volume for the year to date, said Peter Freeman, president and CEO of the 3,500-member association.
Dollar volume is now just slightly less than $1.25 billion dollars, Freeman said, which is 20.9 percent higher than $1.03 billion from the same period last year. Freeman said year-to-date prices were about the same as last year, up 1.9 percent for single-family homes and down 1.3 percent for condos.
The association noted that the number of homes for sales keeps falling, with less than six months of supply currently on the market. The board's monthly figures, compiled from its computerized Multiple Listing Service, don't include sales of new homes and condos.