Honolulu home sales speed up - Hawaii News Now - KGMB and KHNL

Honolulu home sales speed up

By Howard Dicus - bio | email

HONOLULU (HawaiiNewsNow) - Without much change in sales volume or price, Honolulu home sales are happening in an average 32 days, compared to 54 days at the same time a year ago.

Realtors on Oahu closed on 274 home sales in September for a median price of $622,450, down slightly from August but up from the median of $605,000 a year ago at the same time, the Honolulu Board of Realtors reported Wednesday.

They closed on 298 condo sales for a median price of $335,000, compared to 354 sales at $309,500 a year earlier.

Brian Benton, president of the association, called the moderate price increases "an encouraging sign" and said in a statement, "There's still demand for properties that are priced right."

Hawaii Information Service reported Hawaii County and Kauai County results earlier in the week, and the data showed home prices lower in Puna and condo prices lower in Kona, but prices higher than year-before levels in other communities. Realtors in Maui County report later.

More than 400 new listings for Oahu homes came on the market in September, but there are more than 300 pending sales already this month, suggesting the market is still fast-moving.

A key factor in the market is unusually low mortgage rates. As of Wednesday, First Hawaiian Bank was quoting 4.16% APR for a 30-year fixed-rate mortgage with 1.5 points paid up front, while Bank of Hawaii quoted 4.01% with 1.625 points.

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