The sales of single-family homes and condominiums on Oahu were down in April compared to numbers a year ago, according to the Honolulu Board of Realtors.
Single-family home sales were down nearly 12 percent. Condo sales were down 2.6 percent in April.
But, prices continued to surge. The median sale price of single-family homes went up 3.7 percent to $648,000 in April, comparing numbers year-over-year. The median sale price of a condo was at $355,000, up 6 percent from the same month in the previous year.
"Despite the drop in the number of home sales in April, we’re still very optimistic about the direction of the housing market," said Julie Meier, president of the Honolulu Board of Realtors. "As was pointed out at last Friday's Realtor Housing Forum, the supply of homes and condos on Oahu is constrained, so we don’t believe the downturn in sales is due to lack of demand. The low days on market is a positive indicator that buyer demand is strong. Also it’s important to note that prices for both homes and condos rose from the previous year, which means the market is stable.”
Homes and condos were on the market for an average of 21 days, according to the Days on Market indicator.