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POSTED: Friday, August 07, 2009

The median price of single-family homes on Maui rose for the second straight month in July but still remained far below its level a year ago.

With inventory shrinking, the price for a single-family home reached $532,000, up 6.8 percent from $498,106 in June but down 12.8 percent from $610,000 in July 2008, according to data released yesterday by the Realtors Association of Maui Inc.

Sales fell 9.5 percent to 57 from 63 in June, and were down 41.2 percent from 97 a year ago.

“;Our market seems (to be) bouncing along at the bottom,”; said Terry Tolman, chief staff executive for the Realtor Association of Maui.

Inventory in the residential and condo markets declined about 5 percent and 8 percent, respectively, over the past six months.

For condos the median price last month was $350,000, down 28.6 percent from $490,500 in June and off 39.1 percent from $575,000 a year ago.

Condo sales, however, rose 50 percent to 69 last month from 46 in June and were up 9.5 percent from 63 a year ago.

HOME SALES

Maui homes sold in July:

Homes

Sales

                                                                                       

July 2009	57
July 2008	97
Change	-41.2%

Median price

                                                                               

     

 

July 2009	$532,000
July 2008	$610,000
Change	-12.8%

Condos

Sales

                                                                                       

July 2009	69
July 2008	63
Change	+9.5%

Median price

                                                                                       

July 2009	$350,000
July 2008	$575,000
Change	-39.1%

Source: Realtors Association of Maui Inc.