Isle housing market
slumps in May

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Star-Bulletin staff

Sales and prices of previously owned homes on Oahu dropped in May compared with the same month last year, according to the latest monthly figures from the Honolulu Board of Realtors.

Total unit resales of existing single-family homes were at 272 in May, down 10.5 percent from 304 in 2000. At the same time, median prices fell slightly to $289,500 from $290,000. The median price is the midpoint where half of the units sold for more and half sold for less.

Unit resales of condominiums also dipped in May, totaling 400, down 4 percent from 417 in May 2000. Condo resale prices rose 11.7 percent to $134,000 from $120,000.

For the first five months of the year, total unit and dollar sales for condos and homes are still higher than in the same period last year, noted Peter Freeman, president and chief executive of the Honolulu Board of Realtors.

That's noteworthy, because 2000 was a banner year for the local real estate industry, Freeman said.

"Producing a similar number of sales in 2001 as we had last year would still qualify 2001 as a strong market," Freeman said.

More information about Hawaii real estate statistics can be found at the board's Web site at www.hicentral.com.