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The Honolulu Advertiser

Updated at 11:16 a.m., Tuesday, July 3, 2007

Oahu June single-family home, condo prices hit record

By Andrew Gomes
Advertiser Staff Writer

Median sale prices for existing single-family homes and condominiums on O'ahu rose to new records in June, the Honolulu Board of Realtors reported today.

The median single-family home price in June was $685,000, up 7.2 percent from $639,000 in June 2006. The previous record was $668,300 set in May 2006.

A record also was set for condominiums that sold for a median $334,000 last month, up 7.7 percent from $310,000 in the same month last year. The previous record was $329,000 set in July 2006.

The number of sales, however, continued a long-sliding trend. There were 338 single-family home sales, down 8.2 percent from 368 a year earlier. There were 547 condo sales, down 14.7 percent from 641 in the same comparable period.

"Although the number of sales has diminished from their peak in 2005, the market is still very active and maintaining a healthy equilibrium with adequate supply and strong demand," said Berton Hamamoto, president of Property Profiles Inc. and the Board of Realtors.

For the first half of the year, sales are down 5.7 percent for single-family homes, and down 15.3 percent for condos. Median prices year to date are up 2.4 percent for single-family homes at $645,000, and up 5.7 percent for condos to $325,000.

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