Report: Oahu housing sales softening

Report: Oahu housing sales softening
(Hawaii News Now/file)

HONOLULU (AP) - Recent figures show Oahu’s residential real estate sales softened last month amid increased inventory and rising interest rates.

The Honolulu Star-Advertiser says a report released Tuesday by the Honolulu Board of Realtors shows the median price for a single-family home rose more than 6 percent from October 2017 with half of the homes selling for above $800,000 and half for below. However, single-family home sales during the same period dropped 13 percent to 309 transactions.

The median price for a condominium fell to $390,000, nearly 2 percent drop from October 2017. During the same period, condominium sales declined more than 9 percent to 443 transactions.

Honolulu Board of Realtors President Darryl Macha says Oahu's housing market continues to be a stable environment for both buyers and sellers.

Copyright 2018 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.