HONOLULU — The Honolulu Board of Realtors issued a report showing the state’s real estate market suffered last month as a result of the COVID-19 pandemic.
The analysis indicated resales of Oahu homes fell more than 20% in April, The Honolulu Star-Advertiser reported Thursday.
Sales on Hawaii island and Kauai fell between 20% and 60% last month, according to the board of realtors.
Figures for Maui homes sales in April were not immediately available.
Factors constraining sales include a prohibition on open houses because of health restrictions, thousands of local job losses, tighter lending criteria, and a significant decline in state tourism, the report said.
“As anticipated, our housing market is confronting challenges amid the coronavirus pandemic, including a steep decline in sales and listings,” Honolulu Board of Realtors President Tricia Nekota said in a statement.
The report, which is limited to previously owned homes, said homeowners are listing fewer properties for sale.
The number of single-family homes sold on Oahu, the state’s largest housing market, fell 22% to 248 in April, down from 316 in the same month last year.
The number of Oahu condominium sales dropped 28% to 343 from 476 in the same period.
The median prices for homes went up modestly. Single-family homes sold for a median $809,000 last month, up 5.5% from $766,750 a year earlier. The condo median sale price was $450,000 last month, up 7.4% from $418,950 the previous year.
The median price, a point at which half the sales were at a higher price and half at a lower price, can be affected by the age, location, quality, and size of homes.
For most people, the new coronavirus causes mild or moderate symptoms, such as fever and cough that clear up in two to three weeks. For some, especially older adults and people with existing health problems, it can cause more severe illness, including pneumonia and death. The vast majority of people recover.