HONOLULU (AP) — 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.
HONOLULU (AP) — 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.
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.
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