New Home Sales Surge Across Southeast Despite COVID-19

New Home Sales Surge Across Southeast Despite COVID-19MarketNsight 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’s 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.

New Home Sales Surge Across Southeast Despite COVID-19“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 now been positive year-to-year for a total of 18 weeks and negative year-to-year a total of 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.”

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