Home sales nearly ground to a halt at the end of March, as the coronavirus pandemic forced an economic shutdown that scuttled open houses and shattered consumer confidence. Now demand appears to be coming back, especially for newly built homes.
In the initial four weeks of the national shutdown, sales of newly built homes began falling precipitously, down 85% from normal spring activity by the fourth week. In the past two weeks, however, the numbers have started to climb, according to John Burns Real Estate Consulting, which tracks hundreds of builders nationwide.
"Just this week we have experienced an increase in sales, as well as continued website engagement activity," said Stephen Paul, executive vice-president at Mid-Atlantic Builders, a small company that has communities in Maryland and Northern Virginia. "It's safe, it's clean, it's new, and it's easy to show at this point," said Bachman. "Lots of the builders have set up virtual tours on their websites, the sales agents are setting appointments for consumers to come in and tour models in a safe distance manner. They're actually able to show the new home, where in several markets it's very difficult to see resale listings at this point.
"I do think consumers are hungry for a deal, especially the first time buyers," said Bachman. "If you're working on a quick move-in or one of the speculative inventory sales, you might be able to get some sort of discount in the new home market at this point, which is very attractive to that group."
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