Metro area index
Home appreciation in the Urban Honolulu, HI metro area
FHFA HPI® data shows the Urban Honolulu, HI metro area's all-transactions index changed +11.1% over the year to Q2 2026, versus +8.7% for Hawaii and +3.0% for the U.S. That ranks 7th of 410 metro areas and divisions FHFA tracks.
- 1-year change
- +11.1%
- 5-year change
- +38.6%
- Since Q1 1995
- +265%
- Metro rank (1 year)
- 7th
U.S. +3.0%
U.S. +41.3%
U.S. +292%
of 410
Urban Honolulu, HI vs Hawaii and the U.S.
FHFA HPI® all-transactions index, rebased so Q1 1995 = 100, through Q2 2026
- Urban Honolulu, HI: 365.4
- Hawaii: 382.8
- United States: 391.6
Appreciation by time window
| Window | Metro | HI | U.S. | Gap vs HI | Gap vs U.S. |
|---|---|---|---|---|---|
| 1 year | +11.1% | +8.7% | +3.0% | +2.4 pts | +8.0 pts |
| 3 years | +13.2% | +10.6% | +12.9% | +2.7 pts | +0.4 pts |
| 5 years | +38.6% | +41.4% | +41.3% | −2.8 pts | −2.7 pts |
| 10 years | +62.0% | +74.8% | +93.3% | −12.9 pts | −31.4 pts |
| Since Q1 1995 | +265% | +283% | +292% | −17.4 pts | −26.2 pts |
3-digit ZIP regions in the Urban Honolulu, HI area
Regions with at least 10% of their 2010 population inside the metro, largest overlap first. A 3-digit ZIP region can extend beyond the metro boundary.
| 3-digit ZIP region | State | 1 year | 5 years | Since Q1 1995 | Population in metro |
|---|---|---|---|---|---|
| 968 · Urban Honolulu, HI area | HI | +2.4% | +35.2% | +233% | 100% |
| 967 · Pearl City, HI area | HI | +6.7% | +44.0% | +299% | 57% |
Boom, bust, and recovery in Urban Honolulu, HI area
Urban Honolulu, HI area's index peaked in Q4 2007, fell 10.9% to its low in Q4 2009, and regained its peak in Q4 2013, about 6 years after the top. Today it sits +87.9% versus that 2000s peak. How every state and ZIP region fared
| Area | 2000s peak | Low point | Peak to low | Back to peak | Today vs peak |
|---|---|---|---|---|---|
| Metro | Q4 2007 | Q4 2009 | -10.9% | Q4 2013 (6 yrs) | +87.9% |
| HI | Q2 2007 | Q1 2011 | -18.5% | Q4 2015 (8.5 yrs) | +81.7% |
| U.S. | Q1 2007 | Q2 2012 | -19.0% | Q4 2016 (9.8 yrs) | +89.3% |
Appreciation after inflation
Adjusting for consumer price inflation, Urban Honolulu, HI area's index has changed +65.0% in real terms since Q1 1995. Home prices vs inflation
| Window | Inflation (CPI-U) | Metro after inflation | HI after inflation | U.S. after inflation |
|---|---|---|---|---|
| 1 year | +3.9% | +6.9% | +4.7% | -0.8% |
| 3 years | +9.8% | +3.1% | +0.7% | +2.8% |
| 5 years | +24.0% | +11.8% | +14.0% | +13.9% |
| 10 years | +39.1% | +16.4% | +25.7% | +39.0% |
| Since Q1 1995 | +121% | +65.0% | +72.9% | +76.8% |
If you bought in the Urban Honolulu, HI area in…
An example $300,000 purchase grown at the metro index rate to Q2 2026.
| Bought in | Index change | $300,000 then, at the metro rate |
|---|---|---|
| Q2 1995 | +262% | $1,085,305 |
| Q2 2000 | +325% | $1,276,258 |
| Q2 2005 | +132% | $697,011 |
| Q2 2010 | +109% | $626,422 |
| Q2 2015 | +73.8% | $521,333 |
| Q2 2020 | +45.8% | $437,266 |
| Q2 2021 | +38.6% | $415,816 |
| Q2 2023 | +13.2% | $339,660 |
| Q2 2025 | +11.1% | $333,176 |
Frequently asked questions
- How much have home prices risen in the Urban Honolulu, HI area?
- FHFA HPI® data for the Urban Honolulu, HI metro area shows changes of +11.1% over one year, +38.6% over five years, and +62.0% over ten years to Q2 2026, and +265% since Q1 1995.
- Is the Urban Honolulu, HI area beating the national average?
- Over the past year the metro's index moved +8.0 pts versus the U.S.; over five years the gap is −2.7 pts.
- What area does this metro index cover?
- FHFA computes metro indexes using the counties in each OMB-defined metropolitan statistical area. The index covers the whole area, so individual neighborhoods and homes can differ from it.