Janis Magin Meierdiercks

A national report and a local index show that affordability has gotten much worse in the past two years.

That's according to a report from real estate company Redfin, which includes both single-family houses and condos in the assessment.

Last month, single family homes typically took 47 days to sell. In February 2022, it was 13 days, and two years ago it was just nine.

Kailua-Waimānalo’s median price fell only 3% in January, but Pearl City-ʻAiea’s was down 24%.

Report from Hawaiʻi Life details the 2022 market for luxury real estate in the Islands and anticipates strong demand for $3 million-plus homes in 2023.

After two years of rapid growth, Hawai‘i can expect to see a gradual reduction in interest rates, a slowdown in dropping sales, and a leveling off — or maybe even a decline — in prices.

From a first-quarter high of $139,000, equity gains fell to $61,500 in the third quarter, which is still better than every other state except Florida.

A federal agency raises the limit on conforming mortgages in Hawai‘i and other high-cost markets.

More than 50 units in one Kaka‘ako tower are up for sale, just weeks after the owners got possession of units in the newly completed high-rise.

The median price for condos rose in 20 of 21 real estate regions on the island during the first three quarters of 2022.

After a flurry of ultra-high-end sales over the past few years, just seven homes in that rarified price range are up for sale now.

Bidding wars are now rare, but the highest mortgage rates since 2008 put homeownership out of reach for many who thought it was possible at the start of the year.

A national survey found that 94% of home sellers admitted they didn’t disclose problems such as unpermitted repairs before they sold.

In Hawai‘i, it’s a way for the rich to buy luxury properties that they only want to use a few months of the year.

A bigger inventory of homes for sale is usually good news for buyers but other data suggests they should not break out the champagne.

One analysis says there were huge gains statewide, with the biggest average profit during the second quarter of this year at 110.5% on Hawai‘i Island.

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.