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Hawaii home prices soar

  • BSN HOMES- 12 FEBRUARY 2013 - Homes on the Wilhelmina Rise area. Honolulu Star-Advertiser photo by Cindy Ellen Russell

Hawaii home prices saw double-digit growth in February, according to the CoreLogic analytics firm.

The growth put Hawaii among the top five states for the month.

Excluding distressed sales, Hawaii home prices were up 15.5 percent over February in 2012, and including distressed sales, the increase was 14.6 percent.

Nationally the CoreLogic Home Price Index rose by 10.2 percent, year-over-year.

The increase represents the biggest year-over-year growth since March of 2006 and the 12th consecutive increase in monthly home prices nationally.

“The rebound in prices is heavily driven by western states,” said Mark Fleming, chief economist for CoreLogic. “Eight of the top ten highest appreciating large markets are in California, with Phoenix and Las Vegas rounding out the list,” he said.

Only three states posted home price declines, with distressed sales factored in. They were Delaware (-4.4 percent), Alabama (-1.5 percent), and Illinois (-1 percent). Excluding distressed sales, only Delaware saw home price depreciation, down 1.9 percent.

CoreLogic expects national growth to continue at the same level for the month of March.

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