Home resales up from year ago

By Andrew Gomes
Advertiser Staff Writer

Rising costs for single-family homes resold on O'ahu took a breather last month as the median price, compared with October, fell for the first time this year.

But while the latest statistics from the Honolulu Board of Realtors showed some softness in prices, resale volume in November resumed double-digit growth compared with the year before, a figure that had gone flat in October.

There were 365 single-family home resales in November compared with 307 in the same month last year, an 18.9 percent rise.

At $392,500, the median sales price for a single-family home in November was below August, September and October, though it was 13.1 percent higher than November 2002 when the median was $347,000.

The median price for an existing O'ahu single-family home started the year at $350,000, and in April began a steady rise that nearly broke $400,000 in October when the median reached $399,300.

Condominium prices in November also dipped, as the median fell to $180,000, from $185,000 in October. That is still up 12.5 percent over last November's $160,000 median.

The median is a point at which half the sales occurred at a higher price and half at a lower price.

November condo resale volume rose 17.6 percent to 555 units, compared with 472 units sold in November 2002.

Harvey Shapiro, research economist with the Realtor board, said positive economic conditions such as job growth, rising incomes and affordable financing should continue to fuel the generally consistent housing market expansion that has been ongoing since July 1997.

For the first 11 months of the year, combined O'ahu single-family home and condo resales are up nearly 40 percent.

The November figures are for completed transactions, which typically lag two to four months behind the time when sales contracts are signed.

Resales traditionally slow in the January to February period, reflecting the fewer deals completed during the November and December holiday months.

Reach Andrew Gomes at agomes@honoluluadvertiser.com or 525-8065.