During September, sales of 284 single-family homes and 396 condominiums were reported through the board's MLS, increases of 4 percent and 19 percent, respectively, for single-family homes and condominiums from September 2010. The median price paid for island properties in September was $570,000 for single-family homes and $316,500 for condominiums, decreases of 8.1 percent for single-family homes and 4.1 percent for condominiums compared to the same month last year.  According to the Days on the Market indicator, sales of single-family homes closed at a faster pace last month compared to a year ago, with homes listing for 31 days. Condominiums closed at a slower pace last month compared to a year ago, listing for 39 days.

"We're encouraged by September's numbers, with the number of sales of both single-family homes and condominiums increasing over the last year," said Joyce Nakamura, President of the Honolulu Board of REALTORS. "The fact is that consumers are purchasing properties that are appropriately priced for today's market. And while it appeared that foreclosures and short sales are counting to drive prices down, the good news is that there are a lot of great buys out there, especially given current low interest rates."