Posted at 10:46 a.m., Wednesday, August 2, 2006
O'ahu median home price hits $660,000 in July
Advertiser StaffThe median price for both single-family homes and condominiums on O'ahu rose in July, although the volume of sales continued to decline, the Honolulu Board of Realtors reported today.
The median price of a single-family home rose to $660,000 from $639,000 in June and $599,000 in July 2005. The median price of a condominium rose to a record $329,000, up from $310,000 in June and $270,000 in July 2005.
"The pace of residential sales continues to ease, and median prices are being maintained," said Mary Flood, president of the Honolulu Board of Realtors.
There were 379 single-family homes sold during July, down 10 percent from 418 sales a year in the same month a year earlier. Condo sales totaled 498 in July, down 27 percent from a year earlier.
For the first seven months of 2006, sales volume is down 9 percent for single-family homes and down 13 percent for condominiums.