Oahu home sales continue to slide

HONOLULU (HawaiiNewsNow) - The number of home sales on Oahu dropped for the fourth consecutive month in July.

In a report released by the Honolulu Board of Realtors the decline for single-family home sales was 7 percent in July. 251 homes were sold in July of 2011 compared to 270 from a year earlier.

The Median Sales Price was down 2.2 percent to $591,000. The median price has dropped in six of the seven months so far in 2011.

Things weren't much better for Oahu's condominium market. The number of sales was down 8.3 percent in July from 327 a year earlier to 300 in July 2011. The median price was down 7.7 percent to $277,000.

"The good news is that the pace of sales of Oahu single-family homes and condominiums is not slowing down," said Joyce Nakamura, President of the Honolulu Board of REALTORS. "On the flip side, we are seeing dips in the number of sales and median prices over this same time last year. Buyers may find opportunities in the condo market if the pricing trend continues."

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