Local Connection: Housing Market

Local Connection: Housing Market

HONOLULU (HawaiiNewsNow) - By: Rick Blangiardi

We have long wondered when the housing market was going to finally bottom out before prices began to rise.

Now come statistics that home sales and prices for Oahu homes this November may fuel our best sales report card in five years.

Median prices from November 2011 to November 2012 rose 10 percent and sales increased 15 percent. For condominiums, prices spiked nine percent and sales rose 10 percent.

Better yet, the luxury condo high-rise called one Ala Moana with some prices in the millions had people camping out last week and all 206 units were snapped up immediately.

Could we finally have turned the corner on home sales in the islands? Let's hope so.

Our recovery is a long time coming. It could not come at a better time.

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