Home sale volume and median prices rose together on two neighbor islands in July, according to a report released Monday.
Generally, the increase in sales was big on Hawaii island and small on Kauai, while gains in median prices were more mixed.
Hawaii Information Service reported the results, which include sales of new and previously owned homes, based on data from the Hawaii Island Realtors and Kauai Board of Realtors trade associations.
On Hawaii island the number of single-family home sales rose 15% to 217 in July from 188 in the same month last year. The median price for these sales rose 18% to $379,000 from $320,000.
Condominium sales on Hawaii island jumped 34% to 63 last month from 47 a year earlier as the median price rose 11% to $325,000 from $292,200.
On Kauai the number of home sales barely increased last month from a year earlier, to 59 from 57 for single-family homes and to 37 from 35 for condos.
Median price gains on Kauai were much more varied, with a 6% rise to $650,000 from $615,000 for single- family homes and a 33% surge to $630,000 from $475,000 for condos.
This kind of disparity is not uncommon in neighbor island home sale reports because the trade associations count new homes in the mix. New homes typically cost more than existing homes, and new home sales, especially for condo projects, can close in bunches that produce dramatic swings in median prices.
The median price is a point at which half the sales are at a higher price and half are at a lower price. Age, size, quality, location and other conditions factor into median prices. Also, relatively few sales can result in big swings up or down in the median price.
Tribune Content Agency