Source: MauiNow —
More out-of-state residents bought Hawaiʻi houses in the first three quarters of last year compared with the same time in previous years, according to a state report.
The report showed about 25% of single-family homes from January to September of 2022 were bought by out-of-state residents. Of those, 23% of purchases were from the US Mainland and 2% were from international residents.
“It’s an increase from the last few years,” state economist Dr. Eugene X. Tian said during a presentation at the state House Finance Committee on Wednesday morning.
In 2021, about 24% of Hawaiʻi homes were purchased by nonresidents. In 2020, the number was just more than 18%.
Tian added that most of the out-of-state buyers are using the homes as investment properties or second homes.
Worth noting, home sales to Hawaiʻi residents increased on Maui and Kauaʻi in recent years, the economist said. A decade ago in 2012, home sales were dominated by out-of-state buyers, whose purchases counted for more than half the sales on Maui and Kauaʻi.
