Business Report: October home sales - Hawaii News Now - KGMB and KHNL

Business Report: October home sales

HONOLULU (HAWAIINEWSNOW) - Business reporter Howard Dicus got the October home sales figures for Oahu.

October turned out to be the single busiest month of the year for Oahu house and condo sales. Almost 300 houses went to closing last month and almost 400 condos, with most individual properties retaining more than 90 percent of their value a year ago. More than half the homes sold for more than 600 while more than half the condos sold for less than half that much.

Here's what's going on. Mortgage rates are about as low as they ever get. Buyers are spoiled for choice and then there's the federal tax credit for first time home buyers. It has an act-now component because at the end of this month it expires. Properties priced to move fast get multiple bids and sometimes bidding wars.

Finally, some investors are buying real estate because they understand it and they don't understand what's going on in the stock market.

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