Honolulu Board of REALTORS®

OAHU HOUSING MARKET SETS NEW RECORDS
**June 2007 Residential Resales Statistic Released**

Released: Tuesday, July 3, 2007

HONOLULU - The median prices both for single-family homes and condominiums reached new records in June according resale figures released today by the Honolulu Board of REALTORS®. According to the analysis conducted by the Board, using data collected from its computerized Multiple Listing Service (MLS) system, the statistics are:

June 2007 Residential Resales Statistics for Oahu

Single Family Home Resales
Number of
Sales
This Month
Compared To
Median*
Sales Price
This Month
Compared To
June, 2007
338
$ 685,000
May, 2007
$ 650,000
up 5.4%
June, 2006
368
dn 8.2%
$ 639,000
up 7.2%
Condominium Resales
Number of
Sales
This Month
Compared To
Median*
Sales Price
This Month
Compared To
June, 2007
547
$334,000
May, 2007
$325,000
up 2.8%
June, 2006
641
dn 14.7%
$310,000
up 7.7%

Click here to view June 2007 Resales Charts.
*Median price means half the prices were above and half below the given price.


During June, sales of 338 single-family homes and 547 condominiums were reported through the Board's MLS, decreases of 8.2 percent for single-family homes and 14.7 percent for condominiums, compared to the same month last year. This brings total single-family home sales on Oahu to 1,902 for the first six months of 2007, a decrease of 5.7 percent over the same time period one year ago. Total condominium sales were 2,978, a 15.3 percent decrease from last year. The year-to-date median prices paid for Oahu properties in the first six months this year were $645,000 and $325,000, respectively, increases of 2.4 percent and 5.7 percent over the 2006 prices of $630,000 and $307,500. The total dollar sales volume generated in the housing market for the first six months of the year was $2.642 billion, a decrease of 5.9 percent, or $167 million, compared to the $2.809 billion produced one year ago.

"The Oahu housing market achieved new records in June with the median price paid for a single-family home at $685,000, exceeding the previous record of $668,300 in May 2006, and condominium prices at $334,000, surpassing the prior peak of $329,000 set last July," said Berton Hamamoto, President of the Honolulu Board of REALTORS®. "Although the number of sales has diminished from their peak in 2005, the market is still very active and maintaining a healthy equilibrium with adequate supply and strong demand."

"Oahu residential markets have been pushing the price envelope in recent years, including this June," added Harvey Shapiro, Research Economist at the Board of REALTORS®. "Of the seventeen single-family home neighborhoods tracked for research purposes by the Board, sales of over $1 million occurred in ten or more of them every month since last year. Last month, there were even three neighborhoods registering sales of more than $3.8 million. These high-end sales confirm the opinion held by many REALTORS® that there continues to be substantial demand for our properties and that prices most likely will not be adjusting downward anytime soon, if at all."

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 6,000 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.)