Home Prices in Hawaii Decrease Most in Two Years

Those seeking a Hawaii mortgage typically must be prepared to purchase an expensive piece of property.

While this is still the case, compared to other regions of the country, the median price of a house in the state fell to below $600,000 for the first time in nearly two years.

As a result, the number of single-family homes sold in Maui County rose last month, but the number of condominiums sold dropped sharply, according to the Realtors Association of Maui.

There were 109 single-family homes sold in November, compared to 86 sold in November 2005, the same number sold in October.

This marked the first year-over-year increase since September 2005, when 122 homes sold, compared to 103 sold in September 2004. It’s not a coincidence that as prices drop, applicants for home mortgage loans increase.

Only 66 condos sold last month, compared to 89 the month before, and 147 in November 2005.

However, median sales prices fell to the lowest point since February 2005 for single-family homes. The median price of a Hawaii house in November was $598,795, an 18 percent drop from the same period last year, when the median price was $734,500.

November’s median price was the lowest for a house on Maui since February of last year, when the median price was $575,000, the last time the median price was less than $600,000.