Oahu Home Sales Showing Signs of Recovery

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Real Estate

By Andrew Gomes / agomes@staradvertiser.com


Home resales on Oahu continued to decline in June, but the drops influenced by coronavirus safeguards weren’t as big as they were in May.

The Honolulu Board of Realtors released data Monday showing sales volume for previously owned single- family homes declined by 8% to 302 in June from 327 in the same month last year.

For condominiums the number of sales fell 34% to 312 from 473 in the same period a year ago.

While the movement was negative, the market showed some possible indicationstoward recovery, given that declines in May were bigger: 23% for single-family homes and 51% for condos.

In April, a month after Hawaii’s economy began to unravel with widespread business closures, job losses and reduced work hours related to COVID-19 response measures, singlefamily home sales dropped 22% while condo sales dropped 28%.


The trade association representing Oahu real estate agents used its report to highlight what it called strengthening in the market by emphasizing a 23% rise in sales from May to June.

“The month-over-month improvement indicates our market is steadily strengthening as the state reopens,” Tricia Nekota, Honolulu Board of Realtors president, said in the report.


It’s not uncommon, however, for sales in June to be higher than in May because of seasonal factors. Local economists regard a yearover- year view as a better indicator.

There have been a few positive influences on the housing market recently, including a change last month to allow the resumption of open houses with a limit of 10 attendees at a time.

Record-low interest rates also are helping promote sales. Last week mortgage firm Freddie Mac said the average U.S. interest rate for 30-year fixed-rate loans dropped to

 3.07%, the lowest in the history of the firm’s survey dating back to 1971.


As for home prices, median sale prices on Oahu slipped a little in June after mostly achieving gains earlier this year through May.

Single-family homes sold for a median $770,000 in June, down 4% from $800,000 in the same month a year earlier. The decrease was the only slippage this year other than a 3% reduction in February.


Condos sold for a median $421,500 in June, down 3% from $432,500 a year earlier. That followed the only other drop this year of 4% in May.