Oahu home sales slow

Oahu home sales slow

The median price for a single-family home reaches a three-year low

The median price paid for an Oahu home slumped to a three-year low in February, and sales slid to their lowest level since 1999, according to data released yesterday by the Honolulu Board of Realtors.

Dramatic downturns in February sales — 40.1 percent for single-family homes and 20.1 percent for condos — created some angst in the industry, which has seen spotty results across the regions. It did not help alleviate fears, either, when the median price paid for an Oahu single-family home fell to $599,000, a three-year low.

Even as the median price paid for an Oahu home slumped to a three-year low in February, and sales slid to their lowest level since 1999, condominiums spiked to a record-tying median price of $335,000 despite softer sales, according to data released yesterday by the Honolulu Board of Realtors.

Last month the median price paid to purchase a single-family home fell 2.5 percent, to $599,000 from $614,500 a year earlier. However, the condominium median reflected a 4.7 percent gain over February 2007, when it was $320,000. Still, the dramatic year-over-year downturns in sales — 40.1 percent for single-family homes and 20.1 percent for condominiums — created some angst in the industry, which has seen spotty results across the regions.

As a result of last month’s softening, the total dollar sales volume generated in the housing market through the first two months of this year was down 17 percent to $598.5 million — a decline of $122.4 million — from $720.9 million through the first two months of 2007.

Single-family home inventory in February climbed 12.1 percent to 1,924 and condominium inventory increased to 2,294, a 7.9 percent gain from the year prior.

By Allison Schaefers, Honolulu Star-Bulletin

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