Oahu home prices rise in October despite drop in sales

While the median price paid for a single-family home in October rose from the same month last year, sales for single-family homes and condominiums slowed, according to a report released today by the Honolulu Board of Realtors.

The median price for a single-family home rose more than 6 percent with half of the homes changing hands for above $800,000 and half for below. However, single-family home sales dropped 13 percent to 309 transactions.

The median price for a condominium fell to $390,000, a nearly 2 percent drop from the year-ago $397,500. Condominium sales declined nearly 10 percent to 443 transactions.

Single-family homes spent a median of 29 days on the market prior to being sold, while the measure for condominiums was 25 days.

In October, the number of active listings on Oahu was up about 24 percent for single-family homes which hit 1,431. Active listings for condominiums rose just over 13 percent to 2,085.

Darryl Macha, president of the Honolulu Board of Realtors, said in a statement, that “Oahu’s housing market continues to be a stable environment for both buyers and sellers.”

“While sales of residential properties slowed, the median prices remained relatively steady in October, considering the records set earlier this year. The inventory of homes and condominiums available for sale has been rising, providing more options for potential homebuyers and leading to an increase in the days on market,” Macha said.

The October results followed a record setting September where the median price of single-family homes climbed to $812,500, a slight bump from the previous record of $810,000 set in August. But even then, these statistics marked the beginning of a shift in Oahu’s housing market with the decline in sales of both single-family homes and condominiums combined with a growing inventory.

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