For a second consecutive month, there was a rise in the number of previously owned single-family homes sold on Oahu in July, building on what appears to be an early sign of an expected long market recovery.

There were 265 sales last month, up 5.6 percent from 251 sales in the same month last year, according to the Honolulu Board of Realtors.
The median price, however, still was lower — declining 4 percent to $595,000 from $620,000 in the same period.
Economists predict that the median price, a point at which half the sales are at a higher price and half at a lower price, will be modestly lower for the next couple of years as higher demand from buyers is gradually restored.
The July single-family home sales volume followed a 9.5 percent gain in June, which marked the first year-over-year increase for any month in two years.
In the condominium market, which typically lags trends in the single-family home market, the number of sales and the median price both were lower last month.
There were 327 condo sales, down 10.4 percent from 365 in July 2008. The median price was down 5.4 percent to $312,000 from $329,900.