BY CAMILLE NALUAI
The April down turn in Honolulu home sales point to continued low inventory in the market. Sales of single-family homes fell by 11.8% in April 2014, while condominium sales fell by 2.6% from a year ago.
On average, homes are on the market just 21 days before going into escrow. This pattern has been an ongoing driver for at least the last year pushing home prices steadily upward for most parts of the island.
The median price paid for single-family homes in April increased by 3.7% from the same month last year to $648,000. The median price for condominiums increased by 6% from March of last year to $355,000.