The median price of previously owned single-family homes sold on Oçahu in May suffered its biggest decline in the current market slowdown, falling 15.3 percent to $550,000 from a $649,500 year earlier, according to the Honolulu Board of Realtors.

The nearly $100,000 drop continues a slide in median prices that began as a small one last year but has become close to 10 percent this year through May.
May’s median price decline was second highest next to a 10.1 percent decrease in January. However, $550,000 was the second-lowest median this year after $539,500 in January.
The median price is a point at which half the sales were for more and half for less. The measurement is influenced by the mix of homes sold, so it is an imprecise indicator of the market value for real estate.
For the first five months of 2009, the single-family home median price is $570,000, down 9.5 percent from the same period last year.
There were 225 homes sold in May, down 10.7 percent from 252 a year earlier.
In Oçahu’s condominium market, the median price was down 9.6 percent in May to $305,000 from $337,300 a year earlier. The decrease has been higher twice in the last 12 months, but May’s median price matches the recent low that has now occurred four times in the last six months.
The median condo price was $305,000 in December, January and March. For the first five months of 2009, the median condo price was also $305,000, down 7.6 percent from the same period last year.
There were 263 condos sold in May, down 31.2 percent from 382 a year earlier.