The median sales price of a home on Oahu fell to $569,000 in June, a 9 percent decline from the same month a year earlier, but there were signs the slumping housing market may be stabilizing, according to a report released today by the Honolulu Board of Realtors.

Despite the year-over-year price decline in June, the median sales price was up 3.5 percent from $550,000 in May, the Realtors association said. In addition, the 254 homes sold in June was 9.5 percent higher than the 232 sold a year earlier.
Board of Realtors President Sandra Bangerter also noted that homes in June sold at their fastest pace so far this year. The average number of “days on market” was 45 in June.
“We don’t want to seem overly optimistic, but it looks like we could be nearing the bottom of the current market slump,” Bangerter said.
For condominiums, the median sales price of $310,000 in June was down from $327,000 a year earlier, but up from $305,000 in May. The 293 units sold in June was down 17.3 percent from 355 a year earlier.