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1 <br /> 1 <br /> a. Impact of High House Prices The unique aspect of Hawaii's housing market <br /> II <br /> history is the length of time that prices remain <br /> The most distinctive characteristic of Hawaii's steady after a run-up. Prices drop, but by lesser <br /> housing market is high prices. Figure 6 shows amounts and at a slower pace than in other high- <br /> II <br /> single-family and condominium sales prices from priced markets. <br /> 1980 to 2015 in Honolulu. Prices are in current Table 21 shows median sales prices for single- <br /> dollars. family homes and condominiums in Hawaii IIbetween 2009 and 2016. More detailed home <br /> Our last two price run-ups are clearly indicated. prices are shown in the Appendix. As suggested <br /> In both cycles, housing prices more than doubled by Figure 6, this period was marked by <br /> II <br /> in a few years. Both periods of expansion ended increasing prices, but was far short of the rate <br /> quickly, after which prices dropped slightly, then increases expected during a run-up. <br /> held in place. The period of adjustment following <br /> the last run-up was nearly a decade long. The Across the State, the median sales price of a II 1 <br /> post-2008 recovery has been 7 years in the single-family dwelling increased 18 percent <br /> making. Prices regained their 2007 peaks by between 2010 and 2015. The increase in <br /> 2012 for condominiums and 2013 for single- condominium sales prices was slightly lower at <br /> imii <br /> family homes. 13 percent over the same period. Hawaii <br /> County experienced a significant increase in <br /> The intensity of the run-up periods is not unique single-family home prices during this period, with <br /> II <br /> to Hawaii. West Coast States, New England, an increase of 21 percent in the median sales <br /> New York, Washington D.C., and Miami have price. <br /> similar profiles. New York, Boston, and Los I <br /> Angeles have had higher home prices than Table 21. Median Home Sales Prices, Counties <br /> Hawaii in some recent years. San Francisco's and State of Hawaii, 2009 and 2015 <br /> price history is even more volatile than Hawaii's. County <br /> Hawaii Honolulu Kaua`i Maui State II <br /> Figure 6. Housing Prices in Honolulu, 1980-2015 Single-Family House Sales Prices <br /> (in thousand) 111800,000 ------ 2009 $277 $576 $469 $496 $495 <br /> SF Price 2010 $258 $599 $494 $459 $486 <br /> 700,000 — 2011 $244 $577 $462 $435 $470 <br /> Condo Price <br /> 600,000 2012 $262 $624 $459 $469 $501 <br /> 2013 $294 $646 $520 $527 $543 imoi <br /> 500,000 2014 $317 $673 $543 $568 $572 <br /> 400,000 2015 $330 $699 $625 $585 $600 <br /> Multi-Family Condominium Sales Pricesinia <br /> 300,000 (in thousand) <br /> 2009 $285 $303 $314 $394 $313 <br /> 200,000 2010 $254 $306 $269 $384 $311 _I <br /> 2011 $210 $302 $234 $309 $292 <br /> 100,000 2012 $259 $316 $293 $354 $316 <br /> 0 mnnnnmunnnminnnuunnnmmnnmmimommnminmm�nnnnn l 2013 $261 $333 $302 $372 $333 <br /> m r+ m ,• m , ' m ,� m ,-, m m r' m 2014 $283 $350 $344 $412 $352 <br /> ddddddddddt7dddd <br /> O m LA 00 0 M Ln ob 0 r' LA o0 0 cn LA 2015 $273 $363 $359 $411 $364 <br /> 00 00 CO 00 al rn 01 al 0 0 0 0 1--1 .--I .-4JI <br /> ateI o, oma, a(, o, 0( ate( 0 0 0 0 0 0 0 Source UHERO Further details on home sales prices are <br /> shown in Appendix Tables D-14 and D-15. <br /> Source: UHERO i <br /> 3 <br /> Hawaii Housing Planning Study,2016 Page 26 <br /> 3 <br /> ©SMS,Inc December,2016 <br />