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State

Hawaii

4 counties with an index · 4 metro and micro areas · 52 ZIP codes · 4 permit-issuing places · 1,432,820 residents (2025 est.)

FHFA quarterly index through 2026 Q2Annual index 1975–2025Permits through August 2026
FHFA all-transactions house price index for Hawaii, quarterly from 1975 to 2026 Q2, with the national index rebased to the same start and NBER recessions shadedRecession 1973–75Recession 1980Recession 1981–82Recession 1990–91Recession 2001Recession 2007–09Recession 202005001,0001,50019801990200020102020United States2026: 983
Hawaii (100 = first year)United States, rebased to the same startNBER recession

FHFA notes: The FHFA HPI is a broad measure of the movement of single-family house prices. The FHFA HPI is a weighted, repeat-sales index, meaning that it measures average price changes in repeat sales or refinancings on the same properties. The line is FHFA's standard quarterly all-transactions index; the comparison table uses FHFA's annual state index from the same family. The index does not give a dollar value for any home.

Hawaii's FHFA house price index starts in 1975. Through 2025 it has risen +1449.1%; over the ten years to 2025 the rise was +73.3% (+5.7% a year), below the national +85.0%.

The quarterly index through 2026 Q2 is +8.7% on a year earlier and +4.0% on the quarter; nationally +3.0% and +1.1%.

The index peaked in 2007, fell −19.2% to 2011 and regained the peak in 2016; the national index fell −21.3% over 2007–2012.

3,333 housing units were authorised in Hawaii in the 12 months to August 2026, 2.3 per 1,000 residents against 4.1 nationally; that is −12.3% on the previous 12 months. 4 counties, 4 metro and micro areas, 52 ZIP codes and 4 permit-issuing places in the state have their own pages.

+8.7%year to 2026 Q2, quarterly indexUS +3.0%
+2.9%1 year, 2024–2025US +2.8%
+46.0%5 yearsUS +47.0%
+73.3%10 years+5.7% a year annualised
+275.9%since 2000US +158.3%
3,333units permitted, 12 months2.3 per 1,000 residents · US 4.1

Same span, state and nation

Change in the FHFA indexHawaiiUnited States
1 year (2024–2025)+2.9%+2.8%
5 years (2020–2025)+46.0%+47.0%
10 years (2015–2025)+73.3%+85.0%
20 years (2005–2025)+95.5%+79.1%
Since 2000+275.9%+158.3%
Since 1975+1449.1%+960.7%
10-year annualised+5.7%+6.3%
20-year annualised+3.4%+3.0%

Decade by decade

DecadeChangeUnited States
1980s (1980–1990)+126.7%+68.2%
1990s (1990–2000)−3.0%+33.9%
2000s (2000–2010)+84.8%+29.7%
2010s (2010–2020)+39.4%+35.5%
2020s so far (2020–2025)+46.0%+47.0%

FHFA reports each index with a value of 100 in its base period, the first year the area has enough transactions (1975 here). A decade's change is the index at the end of the decade divided by the index at the start, so it does not depend on the base year; the United States column covers the same years. Decades before 1975 are not shown.

Peak-to-low declines

PeakLowDeclinePeak regained
19801981−30.7%1983
20072011−19.2%2016
19921999−14.7%2002

Purchase-only index

FHFA also publishes a purchase-only index, built from sales prices alone (no refinance appraisals). It starts in 1991 and is drawn here on its own base.

FHFA purchase-only house price index for Hawaii, quarterly, with the national purchase-only index rebased to the same startRecession 1990–91Recession 2001Recession 2007–09Recession 202001002003004005001995200020052010201520202025United States, purchase-only2026: 424
Hawaii, purchase-only (100 = first year)United States, purchase-only, rebased to the same startNBER recession

Counties

Ranked by ten-year change in FHFA's annual county index to 2025. Permits are housing units authorised in the 12 months to August 2026.

County1 year10 yearsSince 2000Units, 12 monthsPer 1,000Index through
Maui County+4.3%+94.5%+295.4%5883.72025
Kauai County−0.8%+94.3%+325.0%1191.62025
Hawaii County+6.1%+92.3%+268.2%1,0665.12025
Honolulu County+1.4%+58.6%+267.2%1,5601.62025

Metro and micropolitan areas

Areas with any county in Hawaii; multi-state areas appear under each of their states.

AreaType1 year10 yearsYear to 2026 Q2Units, 12 months
Kahului-Wailuku, HIMetro+4.3%+94.5%+3.9%588
Kapaa, HIMicro−0.8%+94.3%—119
Hilo-Kailua, HIMicro+6.1%+92.3%—1,066
Urban Honolulu, HIMetro+1.4%+58.6%+11.1%1,560

Building permits

Housing units authorised in Hawaii by month, latest 60 months05001,000Sep 2021: 558 units (132 single-family, 426 in multi-unit buildings)Sep 2021Oct 2021: 267 units (165 single-family, 102 in multi-unit buildings)Nov 2021: 456 units (250 single-family, 206 in multi-unit buildings)Dec 2021: 276 units (219 single-family, 57 in multi-unit buildings)Jan 2022: 305 units (163 single-family, 142 in multi-unit buildings)Feb 2022: 236 units (200 single-family, 36 in multi-unit buildings)Mar 2022: 721 units (273 single-family, 448 in multi-unit buildings)Apr 2022: 228 units (145 single-family, 83 in multi-unit buildings)May 2022: 193 units (105 single-family, 88 in multi-unit buildings)Jun 2022: 254 units (194 single-family, 60 in multi-unit buildings)Jul 2022: 244 units (189 single-family, 55 in multi-unit buildings)Aug 2022: 228 units (185 single-family, 43 in multi-unit buildings)Sep 2022: 479 units (141 single-family, 338 in multi-unit buildings)Sep 2022Oct 2022: 829 units (147 single-family, 682 in multi-unit buildings)Nov 2022: 532 units (177 single-family, 355 in multi-unit buildings)Dec 2022: 189 units (142 single-family, 47 in multi-unit buildings)Jan 2023: 176 units (144 single-family, 32 in multi-unit buildings)Feb 2023: 203 units (159 single-family, 44 in multi-unit buildings)Mar 2023: 300 units (238 single-family, 62 in multi-unit buildings)Apr 2023: 341 units (206 single-family, 135 in multi-unit buildings)May 2023: 224 units (214 single-family, 10 in multi-unit buildings)Jun 2023: 335 units (202 single-family, 133 in multi-unit buildings)Jul 2023: 306 units (187 single-family, 119 in multi-unit buildings)Aug 2023: 392 units (224 single-family, 168 in multi-unit buildings)Sep 2023: 387 units (174 single-family, 213 in multi-unit buildings)Sep 2023Oct 2023: 343 units (200 single-family, 143 in multi-unit buildings)Nov 2023: 366 units (183 single-family, 183 in multi-unit buildings)Dec 2023: 334 units (154 single-family, 180 in multi-unit buildings)Jan 2024: 308 units (217 single-family, 91 in multi-unit buildings)Feb 2024: 384 units (174 single-family, 210 in multi-unit buildings)Mar 2024: 313 units (190 single-family, 123 in multi-unit buildings)Apr 2024: 268 units (208 single-family, 60 in multi-unit buildings)May 2024: 303 units (226 single-family, 77 in multi-unit buildings)Jun 2024: 324 units (230 single-family, 94 in multi-unit buildings)Jul 2024: 275 units (197 single-family, 78 in multi-unit buildings)Aug 2024: 256 units (179 single-family, 77 in multi-unit buildings)Sep 2024: 236 units (164 single-family, 72 in multi-unit buildings)Sep 2024Oct 2024: 320 units (236 single-family, 84 in multi-unit buildings)Nov 2024: 438 units (275 single-family, 163 in multi-unit buildings)Dec 2024: 299 units (213 single-family, 86 in multi-unit buildings)Jan 2025: 363 units (290 single-family, 73 in multi-unit buildings)Feb 2025: 242 units (196 single-family, 46 in multi-unit buildings)Mar 2025: 299 units (221 single-family, 78 in multi-unit buildings)Apr 2025: 348 units (200 single-family, 148 in multi-unit buildings)May 2025: 354 units (243 single-family, 111 in multi-unit buildings)Jun 2025: 263 units (180 single-family, 83 in multi-unit buildings)Jul 2025: 307 units (202 single-family, 105 in multi-unit buildings)Aug 2025: 332 units (195 single-family, 137 in multi-unit buildings)Sep 2025: 133 units (127 single-family, 6 in multi-unit buildings)Sep 2025Oct 2025: 258 units (139 single-family, 119 in multi-unit buildings)Nov 2025: 233 units (137 single-family, 96 in multi-unit buildings)Dec 2025: 320 units (177 single-family, 143 in multi-unit buildings)Jan 2026: 236 units (176 single-family, 60 in multi-unit buildings)Feb 2026: 254 units (146 single-family, 108 in multi-unit buildings)Mar 2026: 426 units (210 single-family, 216 in multi-unit buildings)Apr 2026: 320 units (164 single-family, 156 in multi-unit buildings)May 2026: 276 units (165 single-family, 111 in multi-unit buildings)Jun 2026: 306 units (200 single-family, 106 in multi-unit buildings)Jul 2026: 318 units (194 single-family, 124 in multi-unit buildings)Aug 2026: 253 units (190 single-family, 63 in multi-unit buildings)

Housing units authorised in Hawaii by month, latest 60 monthssingle-family2+ unit buildings

Housing units authorised in Hawaii by year, 1995–202505,00010,0001995: 6,614 units (3,866 single-family, 2,748 in multi-unit buildings)19951996: 3,927 units (2,698 single-family, 1,229 in multi-unit buildings)1997: 3,676 units (2,606 single-family, 1,070 in multi-unit buildings)1998: 3,324 units (2,857 single-family, 467 in multi-unit buildings)1999: 4,211 units (3,361 single-family, 850 in multi-unit buildings)2000: 4,905 units (4,255 single-family, 650 in multi-unit buildings)20002001: 4,790 units (4,025 single-family, 765 in multi-unit buildings)2002: 5,902 units (4,562 single-family, 1,340 in multi-unit buildings)2003: 7,284 units (6,213 single-family, 1,071 in multi-unit buildings)2004: 9,034 units (5,603 single-family, 3,431 in multi-unit buildings)2005: 9,828 units (6,641 single-family, 3,187 in multi-unit buildings)20052006: 7,530 units (5,597 single-family, 1,933 in multi-unit buildings)2007: 6,972 units (4,482 single-family, 2,490 in multi-unit buildings)2008: 4,115 units (2,510 single-family, 1,605 in multi-unit buildings)2009: 2,617 units (2,002 single-family, 615 in multi-unit buildings)2010: 3,442 units (1,919 single-family, 1,523 in multi-unit buildings)20102011: 2,743 units (1,632 single-family, 1,111 in multi-unit buildings)2012: 2,993 units (1,940 single-family, 1,053 in multi-unit buildings)2013: 3,882 units (2,358 single-family, 1,524 in multi-unit buildings)2014: 3,066 units (2,197 single-family, 869 in multi-unit buildings)2015: 5,422 units (2,356 single-family, 3,066 in multi-unit buildings)20152016: 3,369 units (2,044 single-family, 1,325 in multi-unit buildings)2017: 4,035 units (2,534 single-family, 1,501 in multi-unit buildings)2018: 4,659 units (2,592 single-family, 2,067 in multi-unit buildings)2019: 4,093 units (2,547 single-family, 1,546 in multi-unit buildings)2020: 3,164 units (2,171 single-family, 993 in multi-unit buildings)20202021: 3,459 units (2,445 single-family, 1,014 in multi-unit buildings)2022: 4,303 units (2,033 single-family, 2,270 in multi-unit buildings)2023: 3,791 units (2,360 single-family, 1,431 in multi-unit buildings)2024: 3,879 units (2,444 single-family, 1,435 in multi-unit buildings)2025: 3,708 units (2,420 single-family, 1,288 in multi-unit buildings)2025

Housing units authorised in Hawaii by year, 1995–2025single-family2+ unit buildings

Single-family share of the latest 12 months: 61% (63% nationally). Since 1995: 144,737 units.

Year by year

Each year's index change and permits, with every county's figures for that year.

YearHawaii indexUS indexUnits permittedSingle-family
2025+2.9%+2.8%3,7082,420
2024+3.4%+4.9%3,8792,444
2023+6.8%+5.7%3,7912,360
2022+18.9%+15.5%4,3032,033
2021+8.1%+11.6%3,4592,445
20200.0%+3.0%3,1642,171
2019+2.9%+4.2%4,0932,547
2018+4.5%+5.7%4,6592,592
2017+3.6%+5.4%4,0352,534
2016+6.4%+5.3%3,3692,044
2015+5.5%+4.4%5,4222,356
2014+7.8%+6.2%3,0662,197
2013+4.4%+3.4%3,8822,358
2012+0.7%−1.8%2,9931,940
2011−1.8%−4.4%2,7431,632
2010−4.3%−5.1%3,4421,919
2009−10.5%−7.5%2,6172,002
2008−3.8%−4.5%4,1152,510
2007+1.7%+0.6%6,9724,482
2006+14.7%+6.6%7,5305,597
2005+26.6%+12.4%9,8286,641
2004+20.9%+9.2%9,0345,603
2003+9.4%+4.5%7,2846,213
2002+6.7%+5.4%5,9024,562
2001+7.6%+6.7%4,7904,025
2000+3.0%+8.3%4,9054,255
1999−1.0%+4.3%4,2113,361
1998−0.2%+3.7%3,3242,857
1997−7.8%+3.8%3,6762,606
1996−4.0%+3.2%3,9272,698
1995−1.8%+3.7%6,6143,866

Cities issuing the most permits

Housing units authorised in the 12 months to August 2026; every place is listed on its county page.

Questions and answers

How much have home values in Hawaii risen over 10 years?

The FHFA index rose +73.3% between 2015 and 2025, +5.7% a year; over 20 years +95.5% and since 2000 +275.9%. Nationally: +85.0%, +79.1% and +158.3%.

Which Hawaii counties rose most over 10 years?

Maui County (+94.5%), Kauai County (+94.3%) and Hawaii County (+92.3%), by FHFA's annual county index to 2025.

What happened to Hawaii home prices in 2008?

The state index peaked in 2007, fell −19.2% to 2011 and regained its peak in 2016.

How many homes are being built in Hawaii?

3,333 units were authorised in the 12 months to August 2026: 2,025 single-family and 1,308 in multi-unit buildings, 2.3 per 1,000 residents.

Where does this data come from?

FHFA's quarterly all-transactions state index (through 2026 Q2) and annual state index (updated March 31, 2026); the Census Bureau's Building Permits Survey state and county files through August 2026; vintage 2025 population estimates.

Provenance

Index: Federal Housing Finance Agency, quarterly all-transactions and purchase-only state indexes through 2026 Q2 and annual state index (updated March 31, 2026). Permits: Census Bureau Building Permits Survey state, county and place files through August 2026. Population: Census Bureau vintage 2025 estimates. Public domain. Corrections · FHFA HPI datasets.