Homebuilders See Sales Jump as Renters Flee Urban Apartments

Home sales remain down precipitously, but one real estate company is registering spot increases by opportunistic first-time buyers

Cnbc New Home Sales

In the initial four weeks of the national coronavirus 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 CNBC.com's complete report on new home sales recovery . . . )