Hawaiʻi economist Paul Brewbaker warned there would come a day when the average price of a single-family home hit $1 million. That day came this year for Kauaʻi and Maui.
In July, the real estate guide Locations reported Oʻahu hit that benchmark. Honolulu Board of Realtors numbers were just shy of that seven-digit figure. Speaking to The Conversation, Brewbaker shared what he thinks is happening in the housing market.
Below are excerpts from Brewbaker’s interview with The Conversation’s Catherine Cruz, edited for length and clarity.
On the current state of the Hawaiʻi housing market
BREWBAKER: (On Oʻahu) median single-family home prices have seemed to have hit a ceiling, about $1,380 below $1 million. They just went right up to and stopped at $1 million the last three months — whereas a year ago, we were talking sevens and eights. So that explosion that occurred in the 12 months from May…