Home Prices Drop in Metro O'ahu, Windward O'ahu, Hawaii Kai and North Shore

According to the Honolulu Advertiser, prices are dropping in the high-end areas of Oahu:

O'ahu single-family home prices showed significant declines in nearly all of the island's most expensive neighborhoods during the last quarter of 2005 — another sign the state's blazing housing market is cooling.

Prices keep rising in other areas, however:

In contrast, the six least-expensive markets on O'ahu — where median prices were all under $600,000 — showed price increases in the fourth quarter compared with the third quarter.

The Realtors board said those six markets were Central and Leeward O'ahu, the 'Ewa Plain, Makakilo, Waipahu and Pearl City (see map on A8 for how the board defines each region).

These are the areas in which many first-time home buyers concentrate their efforts.