HONOLULU (AP) — Oahu’s housing market is much less strong than it was final yr, however is steadily enhancing.
The Honolulu Board of Realtors mentioned gross sales of beforehand owned houses dropped 3% in July for single-family homes and 17% for condominiums in comparison with the identical month in 2019.
The numbers are much better than these from April, Might and June.
The decline in single-family dwelling gross sales was 8% in June and roughly 22% in April and Might from the identical months within the earlier yr.
The year-over-year declines for apartment gross sales have been 34% in June, 51% in Might and 28% in April.
There have been 361 single-family dwelling gross sales final month, down from 372 from July 2019.
There have been 426 apartment gross sales in July in contrast with 513 throughout the identical time final yr.
The Board of Realtors mentioned pent-up demand from potential consumers and traditionally low mortgage rates of interest are serving to produce gross sales because the nation progressively recovers.
“This actual property exercise signifies confidence in our native housing market and contributes to the restoration of Hawaii’s financial system,” mentioned Tricia Nekota, president of the board, in a press release.
Greater than 250,000 state residents have had their job or wages affected because of the pandemic. That, combined with uncertainty about job safety, have diminished the flexibility and need for many individuals to purchase new houses.