Monday, February 4, 2002

Oahu home sales rise

By Tim Ruel

Resales of single-family homes on Oahu rose 3.7 percent in January to 254 units sold from 245 a year earlier, according to figures released today from the Honolulu Board of Realtors.

The median sales price rose 4.5 percent to $312,500 from $299,000 at the same time, the board said.

"Even though the economic climate was referred to by President Bush as being in a recession, our Oahu housing market is robust," said Peter Freeman, president and chief executive of the 3,500-member board of Realtors. Low mortgage rates are balancing out concerns about making home purchases, Freeman said.

Condominium sales jumped 12.9 percent to 325 from 288, while the median price increased 2.2 percent to $138,000 from $135,000.

Overall, the total volume of sales was up 2.4 percent in January at $151.8 million vs. $148.2 million in January 2001.

The board gathers the data monthly from its computerized Multiple Listing Service. More information is available at on the Web. The data do not include sales of new homes.


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