"soft" hawaii market sees prices plunge

The residential real estate market in Hawaii "continues to be quite soft, with fluctuating sales volumes and no recovery yet in prices," but will recover in 2012, says a new report out this week from University of Hawaii.

The Annual Hawaii Forecast reports that “the volume of single-family home re-sales in the first half of 2011 was 1.3% lower than in the first half of 2010.”

Using data from Prudential Locations, the university’s economists conclude that across the popular second home and vacation US island state, the median home price was 2.8% lower than H1 2011.

However, condominium sales were up 1.1% in the same period versus last year.

Source: OPP.org.uk