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June

Honolulu Board of REALTORS®

OAHU HOUSING MARKET CONTINUES ON STABLE PATH
**June 2006 Residential Resales Statistic Released**

Released: Wednesday, July 5, 2006

Today, the Honolulu Board of REALTORS® released resale figures 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:

June 2006 Residential Resales Statistics for Oahu Single Family Home Resales
	Number of Sales	This Month Compared To	Median* Sales Price	This Month Compared To
June, 2006	368		$ 639,000
May, 2006			$ 668,300	dn 4.4%
June, 2005	440	dn 16.4%	$ 593,300	up 7.7%
Condominium Resales
	Number of Sales	This Month Compared To	Median* Sales Price	This Month Compared To
June, 2006	641		$310,000
May, 2006			$305,000	up 1.6%
June, 2005	703	dn 8.8%	$264,000	up 17.4%
Click here to view June 2006 Resales Charts.
*Median price means half the prices were above and half below the given price.

During June, sales of 368 single family homes and 641 condominiums were reported through the Board's MLS, decreases in unit sales volume of 16.4 percent and 8.8 percent, respectively, compared to the same month last year. The median prices paid in June were $639,000 for single-family homes and $310,000 for condominiums. On a year-to-date basis, sales volume is off 8.3 percent for single-family homes and 10.3 percent for condominiums. The median prices for the first half of 2006 were $630,000 and $307,500, respectively, increases of 14.3 percent and 25.5 percent over the same time period in 2005. Total dollar sales volume for the six months ending in June was $2.809 billion, an increase of 3.2 percent, or $88 million, compared to the $2.721 billion generated in the housing market in the same time period one year ago.

"The housing market continues on a more stable path," said Mary K. Flood, President of the Honolulu Board of REALTORS®. "Both buyers and sellers need to recognize that more market time is required to sell properties at current price levels, as the market continues to normalize."

"June ends the first half of the year and our statistics show what we've been expecting - fewer sales and higher prices," said Harvey Shapiro, Research Economist at the Board of REALTORS®. "These price increases are in spite of the sizeable expansion we've had in the available inventory."

In June, there were 1,836 single family homes and 2,582 condominiums being actively marketed, compared to only 879 and 988 properties, respectively, available last year at the same time. "This huge increase takes us back to inventory levels of 1999, but still well below the counts of the early 1990s when there were about 2,500 single family dwellings and more than 4,600 condominiums available for sale," added Shapiro.

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.

The Honolulu Board of REALTORS® is celebrating its 84th year of service to Oahu and is one of the largest of 1,500 boards of REALTORS® in the nation. With over 6,000 members, it is also the largest trade organization on Oahu. Membership is available to licensed real estate brokers and agents who agree to adhere to a strict Code of Ethics. 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.)

June

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