OAHU HOUSING SALES DROP, WHILE MEDIAN PRICES HOLD STEADY
**Honolulu Board of REALTORS® Releases May Residential Resales Statistics**

Released: Monday, June 2, 2008 

HONOLULU - While many of the mainland markets are experiencing significant declines in median home prices, Honolulu’s prices continue to hold steady according to May 2008 residential resales figures released today by the Honolulu Board of REALTORS®. According to the analysis conducted by the Board, using data collected from its computerized Multiple Listing Service (MLS) system, the statistics are:

During May, sales of 252 single-family homes and 382 condominiums were reported through the Board’s MLS, decreases of 29.4 percent for single-family homes and 29.7 percent for condominiums, compared to the same month last year. This brings total single-family home sales on Oahu to 1,181 for the first five months of 2008, a decrease of 24.5 percent over the same time period one year ago. Total condominium sales through May were 1,803, a 25.8 percent decrease from last year.

The median prices paid for Oahu properties in the first five months of 2008 were $630,000 and $330,000, respectively, a decrease of 0.8 percent for single-family homes from the same time period in 2007 and an increase of 2.5 percent for condominiums. The total dollar sales volume generated in the housing market for the first five months of this year was $1.670 billion, a decrease of 22.8 percent, or $494 million, compared to the $2.164 billion produced one year ago.

We continue to have a decline in buying demand for residential properties in the Oahu housing market, but the median prices have been holding up remarkably well.  The inventory of homes and condominiums available for sales has been rising and while this could lead to weaker prices, it hasn’t occurred yet. This continues to be a stable environment for both buyers and sellers.

“May sales figures show a reduced demand for housing and also that these sales are taking a longer time on the market,” added Harvey Shapiro, Research Economist at the Board of REALTORS®. “Single- family homes needed 52 days to sell and condominiums took 41 days, both increases from last year’s 42 and 38 days, respectively. On the positive side, the median prices paid during May still held within a narrow range from last year, contrasting with the many reports of significant price drops in cities on the Mainland.”