For the first time in more than a decade, Honolulu home prices are once again the most expensive in the nation. And for once, that actually may be good news.
It means the Oahu real estate market is relatively stable compared to the rest of America, where new subdivisions sit empty, and foreclosures have driven down prices by as much as 40 percent in places like California.
One factor affecting demand for homes is interest rates, which have started to rise. The rate for a 30-year fixed-rate mortgage was 5 percent at Hawaii’s three largest banks this week, three-quarters of a percentage point higher than the record low rates of around 4.25 percent in recent months.
This is a blog post for Real Estate Professionals, Investors, Landlord, Property Manager, and Property Management Companies. Hawaii housing prices rise to the top again is brought to you by SimplifyEm Pay Rent Online and Property Management Software
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