Home prices up
and away on OahuMedian single-family home
prices go to $362,500 in April,
up 14.4% over last year
Single-family home prices on Oahu are reaching levels not seen consistently in about a decade.
The median price for a single-family home was $362,500 last month, up 14.4 percent over April 2002's median of $317,000, according to data released today by the Honolulu Board of Realtors.
The last time single-family prices were consistently in this price range was in 1993-94, according to HBR.
The highest median price for a single-family home was in August 1990, when it climbed to $392,000.
Today's overall report belied concerns that the hot housing market might suffer fallout from the war in Iraq and other economic pressures.
Sale prices also continued their upward trend in condominiums in April.
The median price for an Oahu unit reached $165,000, up 13.8 percent from the same month last year, when the median price for a condominium stood at $145,000.
In October 1990, median condominium prices peaked at $208,000.
Sales volume was off slightly for single-family homes last month, but this was offset by a significant increase in condominium sales.
A total of 320 single family homes sold last month, down five sales from the same period last year.
The 552 condominiums that changed hands marked an 18.5 percent increase from a year earlier.
Total dollar sales volume for 2003 has now reached $908.5 million, an increase of 32.7 percent from the $684.5 million reached during the same period last year.
Total sales for the year through April reached 1,194 single-family homes and 2,025 condominiums, compared to 1,126 and 1,502, respectively, for the same period last year.