Median Home Price Is Up a Tad on Oahu

By Gomes, Andrew | Honolulu Star - Advertiser, April 9, 2013 | Go to article overview

Median Home Price Is Up a Tad on Oahu


Gomes, Andrew, Honolulu Star - Advertiser


It was just 2.4 percent, but last month Oahu's housing market finally showed a bit of the median price growth projected by local economists this year for single-family homes.

The Honolulu Board of Realtors reported Monday that the median price for previously owned single-family homes rose to $640,000 in March from $625,000 in the same month last year.

March's gain followed three consecutive months in which the median price hovered at about $600,000, or roughly 1 percent to 4 percent lower than the respective year-ago months.

Those slips followed median price gains for the first 11 months last year, and expectations by local economists that price appreciation would continue this year.

The University of Hawaii Economic Research Organization issued a forecast in February that projected Oahu's single-family home median sale price will rise 6.7 percent this year to almost $670,000.

For the first three months of this year, the median price was at $600,000, or 2.7 percent lower than the $616,950 median at the same point last year.

Single-family home sales volume in March rose 4.1 percent to 231, up from 222 a year earlier.

In Oahu's condominium market the median price rose 9.1 percent to $340,000 last month from $311,750 a year earlier and unchanged from February.

For the first three months of the year, the median condo price was the same at $340,000, representing a 9. …

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