In the second quarter of 2012, Honolulu home prices continued to skid downward - by a little. The Honolulu Home Price Index (HHPI, lets call it) slipped just a bit (-0.79%, before inflation correction) last quarter while the rest of the country ticked up a bit. Here's the updated graph.
* The FHFA, where I get the nominal index values (actually the quarterly change) revised their database for Honolulu since the last time I made this chart. I'm not sure why, but the numbers only changed a little as you can see by comparing this chart to the previous version.
** These are inflation adjusted (CPI-U) values and by definition 1990=100.