Neighbor island home prices continue climbing
While the pace of home sales went down substantially last month in many neighbor island markets, for the most part prices continued to rise as the formerly tumultuous housing market stabilizes.
The start of the New Year saw a continued lag in Kauai’s housing market. The pace of house sales declined 34 percent, with as few as 35 homes changing hands, according to Hawaii Information Service data released yesterday. However, sales of condominiums grew 32.5 percent: Buyers purchased 53 condominiums compared to the year-ago 40 as more people were priced out of houses.
Home prices on Kauai, like on other islands, shot up last month. More than half of the buyers on the Garden Isle paid more than $650,000 to purchase a house last month. That’s a 30 percent increase from the previous year’s $500,000.