Oahu home prices rose in Oct notwithstanding dump in sales

While a median cost paid for a single-family home in Oct rose from a same month final year, sales for single-family homes and condominiums slowed, according to a news expelled by a Honolulu Board of Realtors.

The median cost for a single-family home rose some-more than 6% with half of a homes changing hands for above $800,000 and half for below. However, single-family home sales forsaken 13% to 309 transactions.

The median cost for a condominium fell to $390,000, a scarcely 2% dump from a year-ago $397,500. Condominium sales declined scarcely 10% to 443 transactions.

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Single-family homes spent a median of 29 days on a marketplace before to being sold, while a magnitude for condominiums was 25 days.

In October, a series of active listings on Oahu was adult about 24% for single-family homes that strike 1,431. Active listings for condominiums rose only over 13% to 2,085.

Darryl Macha, boss of a Honolulu Board of Realtors, pronounced in a statement, that “Oahu’s housing marketplace continues to be a fast sourroundings for both buyers and sellers.”

“While sales of residential properties slowed, a median prices remained comparatively solid in October, deliberation a annals set progressing this year. The register of homes and condominiums accessible for sale has been rising, providing some-more options for intensity homebuyers and heading to an boost in a days on market,” Macha said.

The Oct formula followed a record environment Sep where a median cost of single-family homes climbed to $812,500, a slight strike from a prior record of $810,000 set in August. But even then, these statistics noted a commencement of a change in Oahu’s housing marketplace with a decrease in sales of both single-family homes and condominiums total with a flourishing inventory.


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Article source: http://www.nationalmortgagenews.com/articles/oahu-home-prices-rose-in-october-despite-drop-in-sales

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