Thursday’s Federal report on the condition of Oahu homes, highlighted by an article in the Honolulu Advertiser, shows signs of distinct improvement relative to the third quarter of 2009 . Though the market generally continued its decline in the fourth quarter of 2009 relative to 2008, there were indicators that the value of homes around the island were recovering.
The Federal Housing Finance Agency yesterday reported that O’ahu single-family home values in the fourth quarter of last year declined 5.8 percent compared with the fourth quarter of 2008.
While the home value figure was negative, it was smaller than the third-quarter decline. In fact, the recent result was the first time since decreases began in the second quarter of 2008 that the size of the decrease was smaller than the previous quarter’s decrease.
The fourth-quarter decline compared with a 6.5 percent decline in the third quarter and a 5.9 percent decline in the second quarter. The decline in the first quarter of last year was 4.7 percent.
This report is occasionally viewed with skepticism, as it is an expansive generalization of local housing markets. Yet, The Honolulu Board of Realtors echoed the sentiment of rebound, as their January 2010 median price of homes was an improvement upon last year’s. Though one may view this amount of data as insufficient to accurately forecast future market values, there is no doubt that this is a breath of fresh air to many homeowners throughout Hawaii.
The entire article may be accessed here: Oahu home prices may be stabilizing, with decline slowing
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