Tourism is up, and unemployment isn’t so bad. Combined, they’ve helped keep the Honolulu housing market relatively healthy in a nation of ailing metro areas. Not that Honolulu real estate hasn’t had bumpy moments. Most recently, there has been a second-quarter downturn in home sales and prices.
Short term, however, has seen a setback in the housing scenario for Oahu, the state’s largest market. Although sales of single-family homes and condos were up 3.8 percent and 6.7 percent, respectively, in the first quarter, year over year, those gains went away in the second quarter. The Honolulu Board of Realtors, reporting on the first half of 2011, said single-family sales dropped 7 percent and condo sales dropped 2.6 percent, year over year.
The median price of a single-family home ($570,000) was down 2.6 percent in the first half of the year, though the median condo price was relatively flat ($304,500), with a 0.2 percent decrease, compared to the first half of 2010.
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