Home Prices Zooming in Hawaii

There are many home price measurements and not all agree at any single moment in time, but one consistent trend in recent months is that more and more markets are showing recovery. Whether it is NAR median price, Case-Shiller price index, LPS price index, Core Logic, or Dataquick, home price trends are clearly moving in a better direction. In some cases there has been a quite a robust rebound. The latest home price information is from the Federal Housing Finance Agency and it showed that home prices in Hawaii have zoomed up by 10 percent in the first quarter from a comparable period one year ago.

By ranking the top ten states with price gains were (based on home purchases only and not refinances):

The big gain in Hawaii is a bit mysterious because the Honolulu market is not experiencing such outsized gains. North Dakota lost the top position, which it had for some time, but is still moving ahead at a decent good pace.

As to the metro markets, cheers go to Joplin, Mo for hard work in rebuilding the city after the tornadoes and in getting the best price appreciation. Cape Coral-Ft. Myers was a close second. Bend (OR), Bismark (ND) and Ames (IA) rounded out the top five metro list.

It is a long report, and you most likely will not want to print out all pages. State data is on page 20. Metro data is on page 36. The full report can be found here.

Lawrence Yun, PhD., Chief Economist and Senior Vice President

Lawrence Yun is Chief Economist and Senior Vice President of Research at NAR. He directs research activity for the association and regularly provides commentary on real estate market trends for its 1 million REALTOR® members.

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