MarketNsight is cautiously releasing data showing that new pending sales in the first half of May 2020 are up 18% over the same period the year before.

“We are all learning through this,” MarketNsight Principal John Hunt said. “Perhaps the biggest lesson is that you can actually sell new homes in the middle of a pandemic.”

“We reported last week that after a data lag was accounted for, the first week of May 2020 would be up 10% over the same period in 2019. It was actually up 17%. Our forecast for the second week of May 2020, accounting for the lag, is 19% over the same week in 2019.”

New Pending Sales January through Second Week of May 2019 versus 2020
MarketNsight reports that even with a lag, new pendings in the first two weeks of May 2020 are up 9% over the same period the year before. With the lag accounted for, the first two weeks of May 2020 will be up 18% over the same period last year.

Is This Real?
According to Hunt, MarketNsight has verified these numbers through other related sources. They are backed up by conversations with customers, and according to HousingWire, national mortgage applications have followed almost the exact same trend as Atlanta’s total pending sales.

“As we have mentioned in previous updates, these are macro Atlanta numbers,” Hunt said. “Every market and price point can and will vary dramatically. For example, the higher-end and active-adult markets seem to have performed worse than the lower end markets.”

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.

To learn more or to schedule a demonstration, visit www.MarketNsight.com.