According to a report released by CoreLogic, home prices in Hawaii increased by 13.2 percent in October as compared to the same month a year prior. This increase ranked Hawaii as the second highest state in the country in terms of home price increases behind Arizona which saw a 21.3 percent increase. Nevada and Idaho tied for third with 12.4 percent increases. CoreLogic’s study, showed that home prices nationally had increased 6.3 percent from October 2011 to October 2012.
The University of Hawaii Economic Research Organization (UHERO) had predicted that single family home prices for the island of Oahu would increase by 6.8 percent in 2013, 7.7 percent in 2014 and 10.8 percent in 2015. If accurate, this would increase the median home price to $800,100 in just three years. UHERO believed that condominium prices on Oahu would increase by 5.9 percent in 2013, 7 percent in 2014, and 8.6 percent in 2015. This would mean that the median condominium price on Oahu would be $387,300 by 2015.
Source: Honolulu Star Advertiser, 12-5-2012, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Broker-in-Charge, Realtor®
Global Executive Realty, LLC
www.myhawaiihomesearch.com
www.myhawaiicondo.com
www.myhawaiidreamhome.com
Posted by Jeff Uyemura-Reyes, Broker-in-Charge, Realtor®
Global Executive Realty, LLC
www.myhawaiihomesearch.com
www.myhawaiicondo.com
www.myhawaiidreamhome.com
