Home sales down, prices still up

The number of existing homes sold in Honolulu fell somewhat in the second quarter compared to the record numbers posted last year, down over 14 percent over the same period in 2005. And the total dollar value of sales fell more than five percent. But the median price for a single-family home on Oahu still rose to $640,000, a 2.4 percent increase over the first quarter and 10 percent increase over 2005 – another record high. The median price of a condo, meanwhile, dipped a bit, to $305,000, still 18 percent higher than year-ago levels. This according to Honolulu Board of Realtors statistics released last week. The most expensive metro area is Hawaii Kai, where the median home price jumped to $965,000 from $850,000. On the Leeward coast, however, the median price dropped $90,000 to $346,000.