HONOLULU - While some real estate markets across the nation are experiencing instability, Oahu housing market continues on a steady path according to resale figures released today by the Honolulu Board of REALTORS® for the month of August.
During August, sales of 381 single-family homes and 495 condominiums were reported through the Board's MLS, an increase of 8.5 percent for single-family homes and a decrease of 14.7 percent for condominiums, compared to the same month last year. This brings total single-family home sales on Oahu to 2,622 for the first eight months of 2007, a decrease of 4.6 percent over the same time period one year ago. Total condominium sales through August were 3,930, a 14.5 percent decrease from last year. The year-to-date median prices paid for Oahu properties in the first eight months this year were $647,300 and $325,000, respectively, increases of 1.9 percent and 4.8 percent over the 2006 prices of $635,000 and $310,000. The total dollar sales volume generated in the housing market for the first eight months of the year was $3.580 billion, a decrease of 6.2 percent, or $236 million, compared to the $3.816 billion produced one year ago.
"The Oahu housing market has remained relatively stable," said Berton Hamamoto, president of the Honolulu Board of REALTORS®. "Single-family home sales during August were not only the highest in 2007, but also the best since March 2006 when there were 392 sales. Prices have been stable as well, with both single-family home and condominium pricing staying within a very narrow range."
"Mortgage rates dropped significantly over the last month, especially for the 1-year adjustable rate mortgage, and this historically leads to increased demand in the housing market," added Harvey Shapiro, research economist at the Board of REALTORS®. "Additionally, there are expectations of a Federal Reserve rate cut at their September 18 meeting, an event that could bolster demand for housing nationwide."
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