Home price trends in Honolulu

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City-by-city price comps

Prices skyrocketed between 2003 and 2005, and despite recent declines, home prices remain 49 percent higher than equilibrium, according to Local Market Monitor. Data from that firm and the NAR show that prices dropped by only 3 percent last year, but agents and forecasters expect greater declines in 2009. Sales activity also has dropped significantly, and foreclosures have tripled.

Median price end of 2008: $610,000
Median price end of 2007: $625,300
Percent change: -2.4%
Projected change through Q3 2009: -15%
Affordability rating: 3.2
Foreclosures in 2008:
(1 for every 202 households)
Foreclosures in 2007:
(1 for every 637 households)
Change in foreclosures: 218.6%
Expected to hit bottom: Q2 2010
Percent drop needed to reach bottom: -24.2%
Current rate comparison
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Price trends
Q1 2008 national median price: $196,100
Q2 2008 national median price: $206,400
Q3 2008 national median price: $200,400
Q4 2008 national median price: $180,100
Q1 2008 local median price: $620,000
Q2 2008 local median price: $636,000
Q3 2008 local median price: $615,000
Q4 2008 local median price: $610,000

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