The Honolulu Advertiser reports that the median sale price in February for homes on Oahu showed a significant increase with respect to the prior year’s market. This represents the second consecutive month in the short year in which the price has risen considerably.
The median price for previously owned single-family homes was up 3.6 percent to $570,000 in February from $550,000 a year earlier, according to sale data from the Honolulu Board of Realtors.
The increase followed a 10.8 percent rise in January. For the two months combined, the median price is up 7.3 percent.
The median sale price for condominiums also was up, but only by 0.3 percent to $298,000, from $297,000 in the same period.
This change signifies the second consecutive month of a growth in sales price since the housing market downturn of 2008. Perhaps the strongest indicator that the bottom has already been reached, the rise in median sales price has significant value for buyers. This new data, coupled with the remarkably low interest rates has many in the housing market deeming 2010 an optimal year to purchase a home. Economists and realtors alike are encouraging consumers to buy before prices increase once more. The question the Hawaiian Real Estate community now asks, is has the sun finally set on the housing recession?
The entire article may be accessed here: Oahu home sales show recovery, with prices up in past 2 months
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