The effect of the coronavirus is impacting closed sales. Home and condo sales are down 23% and 47% respectively, compared to last year. For the longer term, home sales in the past 12 months are up 3% and condo sales down 10% from the previous 12 months.

The effects of the coronavirus pandemic on Oahu home sales are beginning to appear, and a greater impact on housing sales is expected next month, as new escrows were down by 43 percent in April. While there were fewer sales in April, median prices for both single-family homes and condos were greater than last year—an indicator that Oahu housing values will hold steady.

The coronavirus pandemic did not have an effect on closed sales in March. However, decreased sales are expected in April, as there were fewer homes in escrow in March. How long the housing market will be affected depends on how quickly the economy is able to rebound.

Fears surrounding the coronavirus and its potential long-term effects on the stock market have pushed interest rates to their lowest point since 2012. At the same time, Oahu’s housing inventory—which had been rising in 2018 and 2019—has been falling since the summer and is now well below last year’s levels. Homebuyer activity is likely to continue to increase over the next several months.