Home-price movement
Hawaii home-price movement in the latest FHFA HPI
Quarterly, annual, and longer-run state HPI comparisons with a clear boundary between market movement and property value.
Source: Federal Housing Finance Agency
Last updated . Article facts reviewed through this date. Time-sensitive figures show their own as-of dates.
The local figures answer the first question: As of 2026 Q1, Hawaii's purchase-only HPI rose 2.9% over the latest quarter and rose 2.1% over the year. For the decision at hand, the quarterly window is more sensitive to recent movement, while the annual window compares the latest quarter with the matching quarter one year earlier. That difference may matter when a borrower checks whether search, offer, or refinance assumptions still fit the broad direction of the state market. In practical terms, if the two windows diverge, timing is part of the answer; if they align, local variation still remains. Neither change identifies a home's value, a competitive offer, an affordable payment, or what the index will do next, so current property and financing evidence must carry the decision.
An HPI level of 398.7 cannot establish the dollar value of a property in Hawaii, and an annual movement of 2.1% cannot establish how much any home gained or lost. In practical terms, the index excludes the borrower's down payment, loan amount, interest rate, taxes, insurance, association costs, repairs, and time horizon. FHFA can also revise published values, so the 2.9% and 38.8% comparisons should retain their source period.