Existing sales of single-family homes and condominiums increase on Oahu, while prices dip

Existing housing sales rise, prices dip on Oahu

HONOLULU — The Honolulu Board of Realtors reports sales of existing single-family homes and condominiums on Oahu were robust last month, while prices were down.

The board said Tuesday that 281 homes traded hands in October, a 15.6 percent increase over the 243 that sold in October 2008. And the 381 condos that sold last month represented a 20.5 percent increase over the 316 that moved during the same month last year.

October’s median home price fell 3.2 percent to $605,000, while the median condo price dropped 9.2 percent to $295,000. The median price is the price that falls in the middle of the total number of homes sold in an area.

Board President Sandra “Sam” Bangerter says the increase in sales of both single-family homes and condos “is truly encouraging in light of the overall economy.”