The effects of the coronavirus pandemic have been passing through closed sales and now the market is already showing signs of improvement. Home and condo sales in June are down, -8% and -40% respectively, to last year, however both are up 20% from May. For the longer term, home sales in the past 12 months are up 3% and condo sales down -12% from the previous 12 months.

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.