The number of single-family homes sold from September through November was down 22 percent from the same period last year -- 731 this year compared to 937 in 2006 -- according to the latest report from Prudential Locations.
Condominium sales were down a little more than 12 percent during those same three months, with 1,152 units sold, compared to 1,314 units sold last year.
Prices, however, continued to rise. The median price of a single-family home rose 2.4 percent during the September-November period to $640,000, up from $625,000 in 2006.
The median price of an Oahu condo rose 3.2 percent to $325,000, up from $315,000 in 2006.
"While Oahu's market is currently experiencing a drop in sales, consumers should not misinterpret this as an indication of a weak market," said Scott Higashi, Prudential Locations' executive vice president of sales. "With prices continuing to hold steady, consumers can expect that any real estate purchase will be a solid long-term investment."
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source: bizjournals.com
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