Oahu Q3 home prices up, sales down

The prices of Oahu homes and condominiums rose about 3 percent in the third quarter but there were fewer sales, according to a new report.
The median price of a single-family home during the period from July 1 to Sept. 30 was $650,000, according to the September report from Prudential Locations.
That was 2.4 percent higher than the same period in 2006, when the median price was $635,000.
The median price of a condo during the third quarter was $330,000, a 3.3 percent increase over the third quarter of 2006, when the median price was $319,450.
"Our current upward price trend doesn't reflect the dramatic growth we've seen in previous years, but prices are still rising at a healthy and sustainable rate," said Scott Higashi, executive vice president of sales for Prudential Locations.
Sales, however, were down.
There were 934 sales of single-family homes during the third quarter, a 12.5 percent decline from the same period last year, when 1,067 homes sold.
Condo sales fell 13.4 percent during the third quarter to 1,322 units sold, down from 1,526 units sold during the third quarter of last year.
The Prudential Locations report also examined median price trends for single-family homes in 15 Oahu locations during the first nine months of the year. The report found nine neighborhoods that saw increases in prices, while six areas experienced declines when compared to the same period last year.
Leeward Oahu saw the greatest median price increase, an 8.3 percent boost to $379,000, up from $350,000 last year.
Other neighborhoods that saw median prices increases were Manoa, Kaimuki, East Oahu, Mililani, Kailua, West Honolulu, Pearl City-Aiea and Waialae-Kahala.
The neighborhoods that experienced declines in median price were the North Shore, Nuuanu-Makiki, Makakilo, Ewa, Hawaii Kai and Kaneohe.
Credited by: bizjournals.com