July

HONOLULU--The Honolulu Board of REALTORS® released today its resales figures for the month of July. REALTOR® C. Scott Bradley, CRB, president of the Honolulu Board of REALTORS®, said, "The residential resales statistics posted for July are spectacular. The single family home resales count was the highest achieved in three years and is more than 40% above the same time last year. Even the currently weak condominium market showed improvement, accomplishing more resales in July than during any of the last twelve months. And, it's clear from July's results that median sales prices have been firming over the past few months."

He continued, "The renewed demand for residential properties, and the price stabilization, may be signaling that we've passed the bottom of the market and are now on the upswing. Contracts for future sales, those expected to close within the next couple of months, are being reported at a similarly high rate, so it really looks like strength is returning to the housing market. The activity we see over the next few months will confirm whether or not the market will be able to sustain this expansionary trend."

REALTOR® Bradley also stated, "The public is encouraged to visit the Board's Internet web site, Hawaii Real Estate Central, at http://www.hbr.com to see what's happening in the housing market. We've provided the public the ability to search through our listing inventory of almost 5,000 single family homes and condominiums currently available for sale on Oahu, either by geographic location or price range or both. In addition, there is a lot of useful information about buying and selling real estate in Hawaii."

According to the analysis conducted by The Honolulu Board of REALTORS® Research Department about resales reported last month through the Board's computerized Multiple Listing Service system, the statistics were as follows:

The Voice for Real Estate on Oahu, the Honolulu Board of REALTORS® is celebrating its 75th anniversary of service to Oahu and is one of the largest of 1,600 boards of REALTORS® in the nation. It is also the largest trade organization on Oahu. Membership, which numbers approximately 4,100, is available to licensed real estate brokers and agents who agree to adhere to a strict Code of Ethics. The Honolulu Board of REALTORS® sponsors the Hawaii Real Estate Central Internet web site at http://www.hbr.com.