A new study on home sales in Hawaii found that nearly half of all homes sold in the first quarter this year were purchased with cash, reported Pacific Business News.

Daren Blomquist, vice president of the company RealtyTrac which conducted the study, told PBN that the figure was “surprisingly high.”

The number is higher than the national average of about 43 percent, which increased from 19 percent.

Blomquist attributed the high number of cash sales in Hawaii to new regulations that make it harder to get financing.

Julie Meier, president of Honolulu Board of Realtors, told PBN the low supply of homes on Oahu gives cash offers an advantage, and that realtors are seeing cash offers that are higher than asking prices.

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Photo: Houses fill the hills on St. Louis Heights in Honolulu, Hawaii on December 13, 2013. (PF Bentley/Civil Beat)

— Anita Hofschneider

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