There was an article in the Honolulu Advertiser today that basically says what I have been saying for the last 6 months.  We look to be going sideways at this point.  Not much for price gains and not much for price drops.

“The valuations are basically treading water,” said Paul Brewbaker, chief economist at Bank of Hawaii. “Some may be backtracking, and some still have lift.”

Harvey Shapiro, a research economist with the Honolulu Board of Realtors, said it’s not clear whether median price changes are more a result of shifting values or the mix of homes sold. “I’m not sure that there are value changes there,” he said. “It could be mix-related.” Shapiro said the broad geographic distribution of median price ups and downs is a positive sign for the market. “There’s no geographic trend here,” he said. “I think that’s a good indicator that O’ahu housing is stable.”