Impact of pandemic on new-home sales

Not surprisingly, March saw a steep decline in new-home sales, although the first quarter of 2020 was actually 6.7 percent higher than the same period in 2019. This is giving some analysts hope that eventually real estate will be an important factor in the economic recovery.

For once, new home inventory increased to a 6.4 month supply in March with the median sales price increasing from $310,600 to $321,400.

The drop in sales was concentrated primarily in the Northeast and West, the areas hit hardest by the pandemic last month.

Leave a Comment