Report: Pending Atlanta-Area Home Sales Up 20 Percent Year-Over-Year Following Six-Week Deficit

Georgians are buying houses despite the COVID-19-induced recession, according to data from MarketNsight.

Pending home sales in the Atlanta-area are up 20 percent for the first week of June 2020 versus the same period last year, according to a recently-released report from MarketNsight.

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“New pending home sales in Atlanta and throughout the Southeast started the year strong, experienced a six-week deficit due to the coronavirus, and now have had a six-week surplus (over last year) of following Georgia (and other states) lifting the sheltering in place order,” John Hunt, a principal at MarketNsight, said in a press release Tuesday.

“During the shutdown, people shopped online and then bought once Georgia opened up.

Builder concessions in May brought the average new home price down five percent year over year but that yielded an increased sales rate of 30 percent year over year, according to Hunt.

Not every county recovered April to May but, in terms of price, all price points have recovered with the exception of homes over $1 million.

MarketNsight predicts plans filed for building new homes in the local market will be “flat to plus three percent,” a trend consistent with the last three years, something Hunt would take “in a pandemic any day.”

MarketNSight compiles its data using Multiple Listing Service (MLS) and deed records that are scrubbed using “an exhaustive cleaning method.”

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Graph: Official
Caleb J. Spivak

Caleb J. Spivak

Caleb J. Spivak

Caleb J. Spivak