Oahu home sales show signs of recovery - Puget Sound Business Journal (Seattle):

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The median price for a single-family home was $550,000 in May comparee to $649,500 a year ago, according to data from the . It also was the seconrd lowest price in the past12 months. The mediabn price was based on225 sales, down 11 percentt from the same montjh in 2008, when 252 houses were sold, but far better than the firsgt four months of 2009. “The Oahu residentiaol housing market is still weak but there are indicationss that we may be near the said board PresidentSandra Bangerter.
“Single-family home salesa rebounded a bit in May and the sales speecd of 49 days was faster than at the same time last Bangerter noted thatwhile single-family home prices “the condominium median price has been holdingh quite steady at just over These are just some of the signals that our housiny market may be starting to return to The median price of a condo on Oahu in May was which was 10 percent less than $337,300 in May 2008. That was basede on 263 sales, down 31 percenft from the 382 sales inMay 2008, but the highest monthly number since Octobe r 2008.
The median condo price in May was on a par with Januaryand December, and higher than two of the past 12 “Mainland cities have experienced significant inventory bloaty and, with limited demand, this is the culprirt in their falling prices,” said Harveg Shapiro, the board’s research economist. “The fact that Oahu’zs inventory of available propertiex continues to be low is the importantg factor that is keeping our pricesmore stable.” Shapirk noted that single-family home prices in Hawai i Kai and Mililani decreased by only 7 percent, and that priced for condos in Kapahulu, Ala Moana-Kakaakoo and Kailua actually rose last month.
“In an otherwise lackluster housing market, these positives may predict a turnaround forreal estate, even as the state’sa economic conditions continue to deteriorate,” he