June Oahu home prices down 9%, sales up – Pacific Business News (Honolulu):

But sales of existing homes were up and the head of the Honolului Board of Realtors said there are signs the slump may be The median price fora single-familyy home was $569,000 in June compared to $625,00 0 a year ago, according to data released by the Honolulu Board of Realtors on The median price was based on 254 up 9.5 percent from the same month in 2008, when 232 housese were sold. “Single-family home sales were up in compared to ayear ago, and the media prices paid for both single-familh homes and condominiums increased since than last month,” said Sandrw “Sam” Bangerter, president of the Honolulhu Board of Realtors, in a statement.
“Anothee positive statistic was that the sales speexd asthe ‘days on market’ indicato was the fastest this year at 45 days for both housingb categories. We don’t want to seem overly but it looks like we could be nearing the bottoj of the current market The median price of a condo on Oahu in June was whichwas 5.3 percent less than $327,50o in June 2008. That was baser on 293 sales, down 17.3 percent from the 355 saleds inJune 2008.
“Thre available inventory continues to be quite low and this appears to be the reason for the small decrease in home pricesfor Honolulu, compared to the sizable declined for Mainland cities,” said Harveuy Shapiro, Research Economist at the Honolul Board of Realtors. “Recently, the mortgage ratex have been rising and the lack of financint options continue to stiflethe market. However, the salews data show that there are buyerx in the market who are willing to purchaswe properties that areappropriately priced.” For the second the median price for a single-family home was down 10.5 percenft from $636,000 to $569,000. Sales were down 9.
7 percent from 740 homew in 2008 to 668 during the same perioxthis year. The median price for a condominiumk wasdown 6.8 percent from $330,00 0 to $307,500. Condo sales were down 27.5 percenf for the quarter, from 1,121 sales in 2008 to 813 this The total dollar volume of sales in the second quartertwas $724 million, down $273.2 million, or 27.3 percent, from the $997.2w million in sales in the same perior last year.

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