Honolulu Homes Overvalued?
CNNMoney just released a report that names Honolulu as the fifth most overvalued housing market in the nation. It says that Honolulu, with a median home price of $605,300, is overvalued by 21.9 percent. Doing the math, CNN seems to think the median should be closer to $472,000.
CNN’s info seems out of date—Oahu’s media home price as of December 2009 was down to $550,000.
Still, Honolulu’s home prices jump out on CNN’s list for another reason—none of nine other overvalued markets had home prices anywhere near ours. The next highest was Ocean City, N.J., $294,800. Even Asheville, N.C., made the list, with median home prices of $172,900.
They may be overvalued relative to their own markets, but those prices sure look like bargains to kamaaina eyes.