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Honolulu home prices the third-costliest

By Erika Engle

LAST UPDATED: 07:48 a.m. HST, Nov 06, 2013

With a median home price of $679,800, Honolulu is the third-most expensive housing market in the U.S. behind San Jose and San Francisco, Calif., according to the National Association of Realtors.

Median prices are $805,000 in San Jose and $705,000 in San Francisco.

Ranked at Nos. 4 and 5, respectively, are two additional California markets: Anaheim-Santa Ana, at $670,700; and San Diego, at $485,000.

The Realtors group studied third-quarter closings and compared them with the third quarter of 2012 and found that the median existing single family home price increased in 88 percent of measured markets.

The five most affordable metro areas in the U.S. were Toledo, Ohio, with a median price of $87,500; Rockford, Ill., at $88,900; Decatur, Ill., $91,000; Ocala Fla., $103,600; and Topeka, Kan., where the median price was $106,900.

The national median existing single-family home price was $207,300 in the third quarter, a 12.5 percent  increase from $184,300 in the second third of 2012. The jump is the strongest year-over-year increase since the fourth quarter of 2005 when it shot up 13.6 percent.

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serious wrote:
What? We're not number ONE????
on November 6,2013 | 08:11AM
nodaddynotthebelt wrote:
One reason why our home prices are driven up high is because of foreigners. Yes, this is the American way which is profit-driven. But we are selling our country to foreigners and that is not good in may ways. For one thing, it denies our own people of owning a home. Many of these affluent foreigners own several homes and many do not even live in them but for certain times of the year. This is more apparent in the condo market. We need to tax these affluent foreign owners more as they do not live in this country much of the time. They are not paying sales taxes or paying into our income taxes. As such, they get to get to have the cake and eat it, too. We need to legislate laws that will level the playing field for the sake of our own people. They need to increase their property taxes to reflect the luxury ownership. We should also legislate a new luxury yearly tax for these foreigners who own a part of our country. As for the affluent Americans that are pricing everyone else out of the market, there should be laws legislated that will increase the tax on these homeowners. They are the most that can afford the tax. That would help give other homeowners such as the senior citizens some tax relief. Many of these affluent homeowners own several homes. Many own homes on the mainland and use their Hawaii home for vacations. These owners should be required to pay a luxury tax as it is in fact a luxury.
on November 6,2013 | 11:04AM
Hapa_Haole_Boy wrote:
nodaddy, the first point you make re: foreigners is a good one, and in fact our tax scheme already taxes such people at a higher rate (perhaps it s/b even higher, up for debate). The second point you make is too much of a stretch. When you say rich people should be taxed more b/c they are "the most that can afford the tax", that should not be the basis for paying taxes. When you start talking like that, you start sliding towards socialism, not to mention scaring off so-called "rich people", who tend to be the job creators, who create businesses and make the economy run.
on November 6,2013 | 02:15PM
HD36 wrote:
I wonder if the Board of Realtors uses Zillow for house prices. My friend has a house he bought for $2 million. Every month he checks Zillow the house goes up in value. Meanwhile, his neighbor has a similar house that's been on the market for two years. Even though the asking price is well below the zillow price they can't sell it.
on November 6,2013 | 05:35PM
onevoice82 wrote:
Do not use Zillow for estimating value ever, ever, ever! they are more wrong than right. Call a realtor. If a house is on the market for more than 3 months, (let alone, 2 years), it is way overpriced or it is sitting on an oil spill!
on November 7,2013 | 04:30AM
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