Sponsored by:

Comment, blog & share photos

Log in | Become a member
The Honolulu Advertiser

Posted at 2:32 p.m., Tuesday, April 4, 2006

O'ahu March median home price hits record $650,000

By Andrew Gomes
Advertiser Staff Writer

A slowdown in O'ahu's resale housing market was suspended last month after the number of homes sold increased for the first time in five months and the median price for single-family homes jumped to a record $650,000.

It was not immediately clear what might be behind the spike in sales and prices, but sales data released by the Honolulu Board of Realtors this morning showed that some vigor definitely remains in what appeared to be a cooling market since November.

The median single-family home sale price was $100,000 more than it was a year earlier, and was up from $613,500 in February. The previous high was in November when the median was $640,500.

Condominiums last month sold for a median of $312,000, down from a record $315,000 in February but up from $230,000 in March 2005.

The median is a point at which half the sales were for more and half for less.

There were 392 single-family homes sold last month, up 4 percent from 377 a year earlier. Condo sales rose 3 percent to 696 last month, compared with 677 a year earlier.

The March increase in transaction volume ended a run since October where the number of sales was lower than the same month a year earlier for both single-family homes and condos.

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