Oahu home sales show signs of recovery - Washington Business Journal:

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The median price for a single-family home was $550,000 in May comparerd to $649,500 a year ago, according to data from the . It also was the secondc lowest price in the past 12 The median price was based on225 sales, down 11 perceny from the same month in when 252 houses were sold, but far better than the first four monthxs of 2009. “The Oahu residential housing market is still weak but there are indicationes that we may be nearthe bottom,” said board Presidenft Sandra “Sam” Bangerter. “Single-family home sales rebounded a bit in May and the sales speer of 49 days was faster than at the same timelast year.
” Bangerter noted that while single-familyu home prices dipped, “the condominiujm median price has been holding quite steadg at just over $300,000. These are just some of the signal that our housing market may be startingb to return to The median price of a condl on Oahu in May was which was 10 percent lessthan $337,30p0 in May 2008. That was baserd on 263 sales, down 31 percen t from the 382 sales in May but the highest monthly number sinceOctober 2008. The mediab condo price in May was on a parwith March, January and and higher than two of the past 12 months.
“Mainlane cities have experienced significant inventorybloat and, with limited demand, this is the culprit in their falling prices,” said Harvey the board’s research economist. “Th e fact that Oahu’s inventory of available propertiez continues to be low is the importanr factor that is keeping our prices more Shapiro notedthat single-family home prices in Hawaiki Kai and Mililani decreased by only 7 and that prices for condos in Kapahulu, Ala Moana-Kakaakp and Kailua actually rose last month.
“In an otherwisee lackluster housing market, these positives may predict a turnaround forreal estate, even as the state’z economic conditions continue to he said.