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Honolulu falls to
4th among priciest
home markets

Its median cost of $292,500
trails San Francisco, Boston
and Anaheim/Santa Ana

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By Tim Ruel
Star-Bulletin

Resales of homes and condominiums statewide were among the strongest in the nation in the fourth quarter, but Honolulu's high-flying prices dropped a notch among the most expensive U.S. markets, according to separate national surveys.

Honolulu's median resale price for single-family homes rose 2.6 percent to $292,500 in the last three months of last year from $285,000 in the same period in 1999, according to a survey released yesterday by the National Association of Realtors.

Honolulu's prices, which once topped national rankings, now are fourth highest, down from the third most expensive U.S. market a year earlier, according to the group.

In the latest survey, San Francisco posted the nation's highest median price and price increase, jumping 27.5 percent to $470,200 from $368,900 in the year-earlier period. Boston became the second most expensive market with a median of $329,500, up 13.2 percent from $291,000 in 1999; the Anaheim/ Santa Ana area of California placed third at $323,300, an increase of 14.4 percent from $282,700, according to the Realtors association.

Nationally, the median resale price for the period stood at $139,600, up 4.9 percent from $133,100 in 1999. The median price is the midpoint where half of the units sold for more and half sold for less. The cheapest of the 139 markets surveyed by the association was the Buffalo/Niagara Falls area of New York, which posted a median price of $78,100, up slightly from $76,900 in the year-earlier quarter.

In a separate survey that ranked statewide growth in total resale volume for homes and condos, Hawaii placed fourth in the fourth quarter with total resales jumping 16.6 percent to 21,100 units from 18,100 in the same period in 1999.

Alaska led the nation with 19.1 percent growth. Wyoming placed second and Colorado ranked third, posting increases of 18.3 percent and 16.8 percent respectively, the association said. Nebraska finished last, with resales volume shrinking 22.8 percent.

Nationally, total resales improved slightly to 5.8 million units from 5.77 million in 1999, according to the association, an increase of half of a percentage point.

The average rate on a 30-year mortgage was 7.83 percent in the fourth quarter, up from 7.64 percent in 1999, but down from 8.03 percent in the third quarter, according to Freddie Mac.

The Realtors group's figures are for resales only and do not include sales of new homes and condos.