Hawaii

The market for vacation homes at Hawaii resorts rebounded last year to its highest level of sales in nearly a decade, according to a recent report.

A record for Maui home prices has stood for 13 years, and last month it came close to being brushed aside.

Oahu's housing market posted modest median price gains in July but fell a little shy of setting any records.

Earlier this year the Legislature appropriated $200 million to help finance new affordable rental housing. Now a state-led panel advises that an additional $1 billion should follow over the next decade to further address Hawaii's shortage of affordable apartments.

Oahu's housing market in June had a hard time standing up to a year-old record, and thus recorded its first median price decrease in more than 12 months.

Two pieces of Maui's housing market moved in opposite directions in June, with declines for single-family houses and gains for condominiums.

The small decrease in Hawaii island single-family home sales was influenced by a major decline in the Puna district where homes in four subdivisions have been destroyed by lava since May.

Oahu housing prices moved up slightly in May but sales continued to lag during the spring homebuying season amid concerns that rising interest rates may be starting to have a dampening effect.

Real estate brokers said it could easily be a year or two before property values in the immediate and surrounding areas of lava breakouts recover after the eruption ceases.

Maui had a small decline in the number of homes sold last month while median prices moved in different directions for single-family homes and condominiums.