Hawaii’s home price appreciation was the fourth-highest in the U.S. in February. Prices went up by almost 15 percent, year over year, according to a report from the California-based CoreLogic. That’s quite a feat for the state to achieve, as a whole.
Those who made a Maui home purchase when the prices were low are likely rejoicing at their decision. It’s every property owner’s dream to successfully buy low and sell high, and a fifteen percent increase is quite an impressive gain.
Nevada took first place for year-over-year price appreciation in February, with a 19.3 percent increase. Arizona followed with an 18.6 percent increase, and California was third with a 15.3 percent increase. Hawaii’s price appreciation was 14.6 percent in February. When distressed sales were removed from the equation, Hawaii ranked third-highest in appreciation, with only Nevada and Arizona ahead of it.
It was also a good month for the nation as a whole, with home prices appreciating by 10 percent, year over year. This also happens to be the most substantial year over year increase since March 2006. That should tell you something about the restoration of economic confidence in the U.S.
CoreLogic estimated a 10.2 percent year over year gain for the month of March, but only time will prove or disprove the accuracy of their estimate. Hopefully we will meet or exceed this prediction.
In the meantime, if you’d like to make a South Maui real estate purchase after hearing this encouraging news, you’ll find our contact information at the bottom of the page. We’d love to assist you in making the most educated choice possible based on all your individual needs. Mahalo for reading this week!