Hawaii News Now reports that median home prices in Honolulu have recovered well relative to the rest of the United States. With many of America’s sprawling cities still feeling the effects of a dramatic decline, the value of Hawaii’s housing market has been largely restored.
The most recent Case-Schiller report on home prices in major cities showed that median prices in most cities have risen from year-before levels – New York is still falling – but most cities are still far below their highest medians.
Honolulu prices are stronger, according to economist Paul Brewbaker.
“Honolulu median single-family home prices peaked around $650,000 three years ago,” he said. “And the trough was in May 2009 around $550,000, and the February 2010 figure was about $600,000, all on a seasonally adjusted basis.”
In contrast, cities such as Las Vegas, Los Angeles and San Francisco continue to struggle with their home values. Prudential Locations’ own Bill Chee attributes the discrepancy to Hawaii’s perpetual housing shortage; whereas the markets in areas along the west coast and southwest have a surplus of homes. With median housing prices rising for two consecutive months to start 2010, it is plausible prices may recover to peak levels in the near future.
The entire article may be accessed here: Hawaii home values stronger than mainland
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