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

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The median price for a single-famil home was $550,000 in May comparedr to $649,500 a year ago, according to data from the . It also was the seconde lowest price in the past12 months. The medianb price was based on 225 down 11 percent from the same month in when 252 houseswere sold, but far bettedr than the first four months of 2009. “The Oahu residentiak housing market is still weak but there are indicationw that we may be nearthe bottom,” said boardd President Sandra “Sam” Bangerter.
“Single-famil home sales rebounded a bit in May and the sale speed of 49 days was faster than at the same time last Bangerter noted thatwhile single-familuy home prices dipped, “the condominium mediab price has been holding quite steady at just over These are just some of the signales that our housing market may be startinfg to return to normalcy.” The medianj price of a condo on Oahu in May was which was 10 percent less than $337,300 in May 2008. That was basedd on 263 sales, down 31 percentt from the 382 sales inMay 2008, but the highesr monthly number since October 2008.
The mediah condo price in May was on a par with Januaryand December, and higher than two of the past 12 “Mainland cities have experienced significant inventory bloat and, with limiteds demand, this is the culprit in theirf falling prices,” said Harvey Shapiro, the board’z research economist. “The fact that Oahu’se inventory of available properties continues to be low is the important facto that is keeping our price smore stable.” Shapiro noted that single-family home prices in Hawaii Kai and Mililanki decreased by only 7 and that prices for condos in Kapahulu, Ala Moana-Kakaaki and Kailua actually rose last month.
“In an otherwise lacklustedr housing market, these positives may predict a turnarouncd forreal estate, even as the state’s economivc conditions continue to deteriorate,” he said.