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HNL ranks 18th for fastest rising home prices

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Honolulu ranks 18th for fastest rising median home prices

Seventeen U.S. cities have faster-rising home prices than Honolulu has. But only three of them, and one other city with more slowly rising values, have higher prices than Honolulu.

This is according to fourth quarter 2003 numbers from the National Association of Realtors, comparing them to the fourth quarter of 2002. Realtors prefer median prices (half of all homes cost more, half less) because a few sales can skew an average price above or below a level that would give a clear sense of the market.

Honolulu has the fifth highest median home prices. During 2003, it overtook Bergen/Passaic, the upscale New York City suburbs on the Jersey Shore, while San Diego overtook Boston. At current prices and current rates of increase, Honolulu is likely to overtake Boston in 2004 and Los Angeles is likely to overtake both.

The highest 4th quarter median home prices in the nation:

1. San Francisco: $574,300 (up 11.2 percent.)

2. Orange County: $526,800 (up 21.2 percent.)

3. San Diego: $456,700 (up 20.4 percent.)

4. Boston: $406,800 (up 5.3 percent.)

5. Honolulu: $399,000 (up 14 percent.)

These cities had greater percentage growth than Honolulu did:

1. Riverside/San Bernardino: $239,400 (up 28.9 percent.)

2. Sarasota, Fla.: $222,100 (up 21.1 percent.)

3. Los Angeles: $382,200 (up 24.5 percent.)

4. Miami: $236,900 (up 22.9 percent.)

5. Orange Co.: $526,800 (up 21.1 percent.)

6. San Diego: $456,700 (up 20.4 percent.)

7. Palm Beach: $252,900 (up 19.2 percent.)

8. Bradenton, Fla.: $186,100 (up 18.7 percent.)

9. Reno: $228,100 (up 17.3 percent.)

10. Hartford: $214,700 (up 17 percent.)

11. Providence: $240,700 (up 16.8 percent.)

12. Sacramento: $262,200 (up 16.5 percent.)

13. Ft. Lauderdale: $236,300 (15.4 percent.)

14. Gainesville, Fla.: $150,000 (up 15.4 percent.)

15. Las Vegas: $191,100 (up 15.1 percent.)

16. Baltimore: $217,800 (up 14.9 percent.)

17. Atlantic City: $172,200 (up 14.2 percent.)

18. Honolulu: $399,000 (up 14 percent.)

Among West Coast cities not appearing on this list, Spokane, Wash., came in 19th, San Francisco 31st, Seattle 43rd and Portland, Ore., 54th.

The median price of a U.S. single-family home in the fourth quarter was $171,600, less than half the median price in Honolulu and the other top five markets, and up just 6.6 percent in one year.

*If this trend continues this year it looks like the top 5 will all be cities out west.

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