The Honolulu real estate market, the primary sector of the Hawaii housing market, showed continued but possibly slowing signs of growth in the most recent tracking period. According to a July 8, 2010 report from the Honolulu Star Advertiser, “A recovery for Oahu home prices still looks hesitant six months into the year, as the median sale price for previously owned homes in June rose not quite 1 percent. Single-family homes sold for a median $575,000 last month, up 0.9 percent from $570,000 in the same month last year, according to data from the Honolulu Board of Realtors. The slight gain followed a 12 percent jump in May, which in turn was preceded by a 6 percent dip in April. For the first half of the year, the median sale price for Oahu homes is up 2.6 percent to $585,000 based on about 1,500 sales. The number of sales is up 32.5 percent year to date, but was up only 8.4 percent in June at 285 sales compared with 263 in the same month last year. Even if they are mostly small and somewhat inconsistent, transaction and price gains to date reinforce that the single-family home market is still on pace to reverse two years of price declines.”
A July 8, 2010 report from the Associated Press maintained a slightly more positive tone and did not mention a slowing pace of recovery regarding the figures available for June. It stated that “Honolulu Board of Realtors President Brian Benton says the latest sales figures for existing housing show Oahu real estate market continues to recover. The board reported Wednesday that June saw 285 single-family homes trade hands, an 8.4 percent boost over June 2009. It says the 396 condominiums sold last month represented a 38 percent jump. The median price paid for homes last month was $575,000, compared with $570,000 in June of last year. At the same time, the median price for condos dropped 3.2 percent to $300,000. The board also reports sales closed faster in June with single-family homes listing for 32 days, down from 48 days, and condominiums down to 31 days from 47.”