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The Honolulu Advertiser
Posted on: Thursday, September 6, 2007

Existing-home sales on Big Isle, Kauai off

 •  Oahu housing market holding steady

By Andrew Gomes
Advertiser Staff Writer

There were fewer sales of existing homes on the Big Island and Kaua'i last month in line with a slowing statewide housing market, though prices were mixed for parts of each Neighbor Island market.

The biggest volume decline occurred in Kaua'i's single-family home market where there were 20 sales in August, down 44 percent from 36 sales in the same month last year, according to data compiled by Hawaii Information Service.

The median price for Kaua'i's single-family homes also was lower at $599,000, a 23 percent decrease from $780,000 during the same comparable period.

There were 23 Kaua'i condo sales in August, down 30 percent from 33 sales a year earlier. The median price was $589,000, up 30 percent from $452,000.

The median price is a point at which half the sales were for more and half for less, though the small number of sales can produce significant changes that don't necessarily reflect changes in broader market values.

On the Big Island, single-family home sales dropped 19 percent to 152 in August, compared with 187 a year earlier. The median price was up 6 percent to $398,250 compared with $377,500 in the same comparable period.

Big Island condo sales fell 37 percent to 44 last month from 70 a year earlier. The median price was down 15 percent to $345,000 from $405,623.

Reach Andrew Gomes at agomes@honoluluadvertiser.com.