Home sales on Oahu sank in April, but prices stayed aloft amid coronavirus crisis
Fallout from COVID-19 put a sharp squeeze on sales of Oahu homes last month but seemingly didn’t affect prices, a report released today shows.
The report from the Honolulu Board of Realtors said the number of single-family homes sold on Oahu fell 22% to 248 in April from 316 in the same month last year, while the number of condominium sales dropped 28% to 343 from 476 in the same period.
“As anticipated, our housing market is confronting challenges amid the coronavirus pandemic, including a steep decline in sales and listings,” Tricia Nekota, president of the real estate agent trade association, said in a statement.
Median prices, meanwhile, were 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 a year earlier.
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The median price is a point at which half the sales were at a higher price and half at a lower price. This measure can be swayed by the age, location, quality and size of homes sold.
According to the report, which is limited to previously owned homes, homeowners are listing fewer properties for sale. Other factors constraining sales include a prohibition on open houses, tighter lending criteria and job losses.
