flexiblefullpage - default
Currently Reading

New-Home Sales Bolstered by Renters Escaping Dense, Urban Apartments

billboard - default
New-Home Sales

New-Home Sales Bolstered by Renters Escaping Dense, Urban Apartments

April 28, 2020
Woman unpacking a box in her new home
Photo: Photographee.eu

Late March and early April were brutal for home sales as they fell 85 percent below the same time last year by early, according to John Burns Real Estate Consulting. But now home builders are seeing a bump up in activity as that number shrinks to 65 percent below last year. It’s still not the glowing numbers expected for the spring season, but it is the hope builders needed. Homebuyers are slowly dipping their feet back into the housing market, but the first ones to return are not necessarily who you would expect. Builders have seen an increase in young renters looking to for a home of their own as the dense, urban locations that Millennials once loved are starting to feel like petri dishes.

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.

“We’re still down roughly 65%, but more positive news is coming out of the new home market, particularly for builders who are targeting the first time and entry level buyers,” said Devyn Bachman, manager of research at JBRC. She noted that a wave of renters are leaving their apartments and eyeing new homes.

Read More

Related Stories

Infill Housing

Teardown-Rebuilds Are Taking Over the New-Home Market

Rather than hunting for increasingly scarce vacant lots, builders are tearing down existing properties to add new infill homes in favorable neighborhoods


Free Housing Expo Offers Assistance to First-Time Buyers and Renters in NYC

An affordable housing expo on June 10 aims to educate buyers and renters about opportunities for housing assistance in New York City


Why Millennials Still Trail Behind Baby Boomers in Today’s Housing Market

Millennials are losing out to Baby Boomers in the hunt for a limited supply of starter homes

boombox1 -
native1 - default
halfpage2 -

More in Category

native2 - default
halfpage1 -

Create an account

By creating an account, you agree to Pro Builder's terms of service and privacy policy.

Daily Feed Newsletter

Get Pro Builder in your inbox

Each day, Pro Builder's editors assemble the latest breaking industry news, hottest trends, and most relevant research, delivered to your inbox.

Save the stories you care about

Lorem ipsum dolor sit amet lorem ipsum dolor sit amet lorem ipsum dolor sit amet.

The bookmark icon allows you to save any story to your account to read it later
Tap it once to save, and tap it again to unsave

It looks like you’re using an ad-blocker!

Pro Builder is an advertisting supported site and we noticed you have ad-blocking enabled in your browser. There are two ways you can keep reading:

Disable your ad-blocker
Disable now
Subscribe to Pro Builder
Already a member? Sign in
Become a Member

Subscribe to Pro Builder for unlimited access

Lorem ipsum dolor sit amet, consectetur adipisicing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua.