HONOLULU HOME SALES, PRICES DIP SLIGHTLY IN AUGUST, BUT HOUSING

HONOLULU HOME SALES, PRICES DIP SLIGHTLY IN AUGUST, BUT HOUSING
INVENTORY UP, ACCORDING TO HONOLULU BOARD OF REALTORS®

HONOLULU HOME SALES, PRICES DIP SLIGHTLY IN AUGUST, BUT HOUSING

INVENTORY UP, ACCORDING TO HONOLULU BOARD OF REALTORS®

HONOLULU — The Honolulu Board of REALTORS® released resale figures today for the month of

August 2014. According to the analysis conducted by the Board, using data collected from its computerized Multiple Listing Service (MLS) system, the statistics are:

During August, sales of single-family homes decreased by 11.7 percent, while condominium sales decreased by 3.5 percent from August 2013. The median price paid for single-family homes in Augustdecreased slightly by 2.3 percent from the same month last year to $650,000. The median price for condominiums remained the same as that of August 2013 at $350,000. According to the Days on Marketindicator, single-family homes were on the market for an average of only 15 days, while condominiums were on the market for an average of 23 days.

“August was an interesting month for the Oahu housing market,” said Julie Meier, president of the Honolulu Board of REALTORS®. “While on the surface it may look like this past August was not on par with last August for sales of single-family homes, the truth is that August 2013 was a banner month – the high point of sales for the year. It would have been very difficult to duplicate that this year. Still, this remains a very healthy market, as evidenced by the fact that the average single-family home was on the block for only 15 days before being sold. Also noteworthy is the fact that inventory of both single-family homes and condos is climbing, which will help the market meet demand.”