The state is coming out with new information about how we buy and sell homes in Hawaii.

The study is both fascinating and a confirmation of business as usual.

The report released this week by the state Business, Economic Development and Tourism Department, looked at the period from January 2008 to September 2015 regarding the sale of homes.

Almost 140,000 homes were sold during that period. Most were bought by folks living here, but the new numbers also show that people on the mainland and around the globe have their real estate eyes on us.

The breakdown is that “72.5 percent were sold to Hawaii residents, 23.5 percent sold to U.S. mainlanders, and 4 percent sold to foreigners.”

That is the statewide tally; when you compare Oahu to the neighbor islands, the money picture changes.

“About 47 percent of the neighbor island homes were sold to out-of-state residents, while only 15 percent of Oahu homes were sold to out-of-state residents,” the report said.

The state has never run numbers like this before, so this is the first time purchases by locals and the buyer’s place of origin can be studied.

Along the way there is going to be change in both the neighbor islands’ own thinking and politics, for both the newcomers and local residents.

The data points out that not only are people off- island coming here to buy, they are willing to spend the most for their piece of Hawaii.

“Average price for homes purchased by foreign residents was the highest at $785,604, followed by homes purchased by U.S. mainland buyers at $630,390, while homes purchased by Hawaii residents averaged at $478,189,” said the report.

Veteran local economist Paul Brewbaker cautioned that yes, the rich always buy up.

“Poor foreign people tend not to buy cheaper homes in Hawaii,” Brewbaker said in an interview. “Wow, there’s another mystery solved. Rich people from other places are more likely to buy high-priced homes in Hawaii than other people. And in Manhattan. And in Hong Kong.”

Brewbaker’s point is that Hawaii is not seeing a “foreign investment invasion,” because buying nice places to live is what rich people do.

However, Stephany Sofos, the longtime local real estate consultant, called this the “oddest real estate market” she has ever seen.

That description comes from the drive of rich people around the country and the world to find safe places for their money.

Investors from South Korea, China and even Russia are buying now in Hawaii, Sofos said, while in the past, one group at a time would be moving into Hawaii real estate, such as Canadians or Japanese.

“Hawaii has historically been one of the best markets in which to put foreign money. Look at the location: We are halfway between Asia and the U.S. mainland,” Sofo said in an interview.

Along with geography, investors know that besides sunny beaches, Hawaii is also the home of the U.S. military’s Pacific Command, Sofos said.

“One foreign investor told me, ‘I wanted to put my money where the greatest military power can protect it,’” Sofos said.

Both Sofos and Brewbaker pointed out that the super-rich buying local real estate will drive up the price of already high priced homes, so unless your Christmas shopping list includes $10 million Makiki Heights mansions, Russian and Chinese investors won’t be costing you money.

Along the way, however, none of this is making Hawaii’s middle class any stronger, providing new permanent jobs or contributing to a sustainable economy — and that is cause for concern.

Richard Borreca writes on politics on Sundays, Tuesdays and Fridays. Reach him at rborreca@staradvertiser.com.