Honolulu

Its location away from the mainland is providing Honolulu somewhat of a buffer. Home sales and prices are cooling off, but not at the pace of other cities. It remains an overpriced market, according to Local Market Monitor, with home prices 29 percent higher than equilibrium.
Median price end of 2007: $625,300
Median price end of 2006: $620,000
% change: + 0.9%
Projected change through Q3 2008: – 0.9%
Affordability rating: 5.7
Foreclosures in 2007:
(1 for every 637 households)
517
Foreclosures in 2006:
(1 for every 974 households)
338
Change in foreclosures: + 52.9%
Current rate comparison
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Price trends

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June ’06: National median price $227,100
Dec. ’06: National median price $221,900
Dec. ’06: Local median price $620,000
June ’07: National median price $229,200
Dec. ’07: National median price $198,700
Dec. ’07: Local median price $625,300
* Median prices for existing single-family homes