New pending home sales up 13% over 2019 year-to-date
ATLANTA–(BUSINESS WIRE)–#covid_19–MarketNsight reports May and June pending new home sales were up 30% over 2019 sales and, so far, July is averaging more than 30% over last year. Even as COVID-19 (coronavirus) cases continue to rise, homebuyers are buying in unprecedented numbers.
According to MarketNsight and ViaSearch President John Hunt, Atlanta new home pending sales are up 13% over last year. MarketNsight data shows the first week of July new pending home sales are up 31% over the same period last year even with the Fourth of July holiday falling on a Saturday. Week two of July 2020 was up 37% year-to-year with a lag and will be up more than 50% year-to-year.
“Yes, you read that correctly: week two of July is up more than 50% year-to-year for Atlanta,” Hunt said. “This is happening despite the explosion in coronavirus cases, or perhaps because of it.”
New pending home sales have been positive year-to-year for 18 weeks and negative year-to-year for seven weeks. Of those negative weeks, six coincide with the pandemic – March week two through the third week of April.
New pending home sales turned positive year-to-year in the fourth week of April. Resale pending sales lagged and turned positive year-to-year in the third week of May. For all of June 2020 and the first two weeks of July, resale pending sales have been up 27% year-to-year, and new pending sales have been up 36% year-to-year.
“At present, housing demand is increasing as coronavirus cases also increase,” Hunt said. “Not at all what anyone could have or would have predicted.”
MarketNSight is focused on helping home builders and developers make smart decisions related to purchasing land and pricing product. Its groundbreaking Feasibility Matrix® systemizes the decision-making process and creates a one-stop-shop for gauging new home community feasibility including ranking by builder and subdivision and developed lot and raw land sales.
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MarketNsight currently serves 28 cities in six states – Alabama, Florida, Georgia, North Carolina, South Carolina and Tennessee. Look for the addition of more cities soon!
To schedule a demonstration of the MarketNsight Feasibility Matrix®, call 770-419-9891 or email [email protected]. For information about MarketNsight and Hunt’s upcoming speaking engagements, visit www.MarketNsight.com.
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Carol Morgan [email protected]
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