Janis Magin Meierdiercks

But June’s numbers plus some leading indicators suggest a softening in the real estate market

Those with homes there include Jeff Bezos, Oprah Winfrey, Mark Zuckerberg, Jason Momoa, Michael Dell and Willie Nelson. But don’t expect to see all of their names on the deeds.

One signal of the slowing market is fewer offers: “Instead of getting five or six offers you may have one or two.

A UH report asks decision-makers: What are the most important values and uses for the remaining oceanfront as the sea continues to rise?

Hawai‘i’s capital is not alone. Severe housing unaffordability now plagues more and more American and foreign cities.

Luckily, the price of insurance is tied to construction costs – not to rising real estate values. But those prices don’t include hurricane insurance, whose premiums can cost thousands a year.

That means the majority of Island homes are worth at least twice what’s owed on any mortgages or other debts on the properties.

With interest rates in Hawai‘i nearing or topping 5%, now might be a good time to use a home equity line of credit for big purchases.

Honolulu trails only New York and San Francisco when it comes to building costs, according to project management company RLB.

A report by UH economists says building regulations here are the most onerous in the U.S., just as our home prices are the highest.

Here’s how you can make it happen on O‘ahu, even without a big loan from your family.

The only short-term rentals still legal got their permits before 1990 or are in the resort areas of Waikīkī, Ko Olina or Turtle Bay.

As on Maui, mainland buyers of local homes had a bigger impact on both islands than they did on O‘ahu. Meanwhile, the number of transactions is declining statewide and prices continue to rise.

They bought more than a third of all homes sold on Maui last year and accounted for almost half of the money spent.

Three-quarters of all single-family homes and condos sold last year were purchased by local residents, but that proportion was down – as was the proportion of dollars spent.

Realtors say that’s a normal part of the real estate cycle: Condo sales usually increase when fewer single-family homes are for sale.

The analysis of 2020 census data determined that 76,622 homes were vacant in the Islands.

Though mortgage rates remain low by historical standards, every tiny increase means that families qualify for smaller and smaller loans.

These homes priced under $1 million are getting harder to find: Only six of the island's 21 regions have a median price below that threshold. And prices are soaring even in those "bargain" neighborhoods.

A national report says Hawai‘i is the ninth-largest market for $10 million-and-plus homes. LA, Manhattan and Palm Beach are 1, 2 and 3.

The demand is strong, Realtors say, but there are few homes for sale at the highest end of the local market. Demand will likely increase when international buyers return.

The statewide association is backing a series of bills that seek to reduce impediments to affordable housing projects.

Homeowners fume as O‘ahu’s rising real estate prices translate into double-digit increases in property assessments.

This is the first of weekly Hawai‘i real estate reports from Janis Magin Meierdiercks, who covered the industry for 15 years at Pacific Business News. If you have tips or ideas for stories, email her at HawaiiRENews@gmail.com.