Median price of Oahu home jumps

The median price of a single-family home on Oahu rose for a fourth straight month in August, though sales volumes declined.The median price for homes in Honolulu jumped 15.2 percent to $645,239 last month, the Honolulu Board of Realtors said Wednesday. The gains followed a 1.7 percent rise in July and a slight increase in June.

Sales volume dropped, however, with 224 homes changing hands during the month compared to 239 a year earlier and 269 in July.

Brian Benton, president of the Honolulu Board of Realtors, said the rising median price was a good sign for the market.

”We anticipated the slowdown in sales with the end of the federal tax credit, but the increases in median prices are a sign that the Honolulu market continues to strengthen,” Benton said in a news release.

Benton referred to the federal law that allowed some buyers to claim tax credits of up to $8,000 when buying a home.

The credit boosted sales earlier this year, but sales began to drop as it expired.

Buyers had until April 30 to get a signed sales contract and until June 30 to complete the sale to qualify for the credit. Congress later extended the deadline for closing on a buy to the end of September.

Oahu condominium sales showed a similar results. The median sales price rose 6 percent to $307,500 in August but sales volume plunged 17 percent.

Properties spent fewer days on the market in the month.

Single-family homes were sold an average of 32 days after they were listed, down from 49 days in August last year. Among condominiums, properties remained on the market for an average of 33 days, down from 53 days.

(Maui News, Karen Leach, Khon2)