Home Prices Down for TEN Months

By Kai Lani

Real Estate Broker/Owner with RE/MAX Kai Lani

December 27, 2007 06:24 AM

Home prices continue to drop in the good old USA for ten months now. The latest drop of 6.7% was the largest drop since April of 1991. This is discouraging consumer spending, and we might soon see it impacting our tourist industry here in Hawaii. I guess this could impact our home sales which have been declining in volume, but have been holding reasonably firm accross the island of Oahu. Kailua seems to be somewhat insulated from that, and we don't see any significant sell of in the immediate future. These are indeed interesting times.

RE/MAX Kai Lani, 25 Kaneohe Bay Drive #109, Kailua, HI 96734 www.remaxkailani.com

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Jesse Clifton

Jesse Clifton & Associates - Fairbanks, AK

These are definitely interesting times, Jerry. No doubt about that. We're still holding fairly steady with respect to our average price, but everything else is working against us. If this keeps up we could see our average price start to drop... something I haven't seen in 10 years.

Jan 07, 2008 03:52 PM

Kai Lani

RE/MAX Kai Lani - Kailua, HI

RE/MAX

Hi Jessie and Kathy, Sorry to be so slow in responding to your note. I have been busier than the proverbial cat on a hot tin roof! Seems as though there are a ton of would be sellers who are not willing to reduce their prices and choose instead to put their units on the rental market. This, among other factors, is holding our prices pretty firm on Oahu. The Big Island is seeing a little deterioration but Kauai is enjoying a good solidly priced market. There are some indications that international interest is starting to evidence itself as our very high end Single Family Home prices are doing pretty well, especially on Kauai. Be patient! This kind of market can try one's soul, but it all goes toward making you an increasingly more experienced Realtor or Realtors. Jerry

Jan 13, 2008 06:13 PM