Released: Thursday, July 2, 2009 

HONOLULU - The Honolulu Board of REALTORS® released resale figures today for the month of June. According to the analysis conducted by the Board, using data collected from its computerized Multiple Listing Service (MLS) system, the statistics are:

During June, sales of 254 single-family homes and 293 condominiums were reported through the Board's MLS, an increase of 9.5 percent for single-family homes and a 17.3 percent decrease for condominiums, compared to the same month last year. This brings total single-family home sales on Oahu to 1,107 for the first six months of 2009, a decrease of 21.7 percent over the same time period one year ago. Total condominium sales through June were 1,380, a 36.1 percent decrease from last year. The median prices paid for island properties in the first six months of 2009 were $570,000 and $305,000, respectively, decreases of 9.4 percent for single-family homes from the same time period in 2008 and 7.6 percent for condominiums. The total dollar sales volume generated in the housing market for the first six months of this year was $1.227 billion, a decrease of 37.8 percent, or $744.8 million, compared to the $1.971 billion produced one year ago.

"Single-family home sales were up in June, compared to a year ago, and the median prices paid for both single-family homes and condominiums increased since than last month," said Sandra "Sam" Bangerter, President of the Honolulu Board of REALTORS®. "Another positive statistic was that the sales speed as the 'Days on Market' indicator was the fastest this year at 45 days for both housing categories. We don't want to seem overly optimistic, but it looks like we could be nearing the bottom of the current market slump."

"The available inventory continues to be quite low and this appears to be the reason for the small decreases in home prices for Honolulu, compared to the sizable declines for Mainland cities," added Harvey Shapiro, Research Economist at the Honolulu Board of REALTORS®. "Recently, the mortgage rates have been rising and the lack of financing options continue to stifle the market. However, the sales data show that there are buyers in the market who are willing to purchase properties that are appropriately priced."

The Honolulu Board of REALTORS® also released resale figures for the second quarter of 2009. According to the analysis conducted by the Board, using data collected from its MLS system, the statistics are:

During the second quarter, the number of sales declined from one year ago and the median price paid for a single-family home decreased by 10.5 percent and the condominium median price decreased by 6.8 percent. The total dollar volume of sales was $724.0 million in the second quarter, a decrease of $273.2 million, or 27.4 percent, from the $997.2 million in sales achieved in the same quarter last year.

The following table provides the quarterly median prices for the Oahu neighborhood groups (change compares 2nd Quarter 2009 to 1st Quarter 2009):

GEOGRAPHIC AREA	SINGLE FAMILY HOMES	Change	CONDOMINIUMS	Change
Entire Island	$ 569,500		$ 307,500
Metro Oahu (Town)	$ 650,000		$ 305,000
Diamond Head	$ 884,000		$ 427,000
Hawaii Kai	$ 747,500		$ 451,000
Kailua	$ 710,000		$ 392,500
Kaneohe	$ 619,500		$ 365,000
North Shore	$ 754,500		$ 255,000
Central Oahu	$ 566,500		$ 290,000
Leeward Coast	$ 277,000		$ 135,000
Ewa Plain	$ 425,000		$ 275,000
Makakilo	$ 490,000		$ 245,700
Waipahu	$ 520,000		$ 270,000
Pearl City	$ 539,400		$ 290,000

The public is encouraged to visit the Board's Internet web site at www.HiCentral.com to see what's happening in the housing market. The public has the ability to search through Oahu single-family home and condominium listings, available for sale and for rent, and to see a comprehensive guide of homes that will be open to visit this Sunday. All searches can be done by geographic location, price range or both. HiCentral.com provides useful information about buying and selling real estate in Hawaii.

Established in 1922, the Honolulu Board of REALTORS® is one of the largest of 1,600 boards of REALTORS® in the nation and, with over 5,500 members, the largest trade organization on Oahu. Membership is available to licensed real estate brokers, agents, property managers, appraisers, counselors and others engaged in all aspects of the real estate industry pledged to adhere to a strict Code of Ethics and Standards of Practice. For more information, call (808) 732-3000 or visit www.HiCentral.com.

(This report reflects information about resales of existing properties only and does not include new home sales. All of the MLS information is compiled from sales reported during the cited months; this data is known only after closing of escrow. The time delay between the signing of a sales contract and the closing of escrow is usually between one and three months.)