One of the top research companies we consult with, Meyer’s Group, has been hosting a series of webinars over the past 12 weeks or more. Their research team has been tracking the economic effects of the virus outbreak and the resulting shutdown. Their insights and the data they offer have been extremely helpful in understanding where we are and where we may be going – although none of us has a crystal ball. One of the most notable trends is the return of new home sales, and home sales in general, in many markets since late April and early May. New home sales in San Jose were up over 70% in May from the prior month and up 50% in Denver. Along with the returning sales, we can also see the continuing lag of inventory for sale which will become nothing less than a drag on sales – you can’t sell what you don’t have. Nationally the number of actively selling new home communities dropped 8% and the number of move-ins dropped 10%. Even more impacted, existing home inventory was down 30%! This is the housing crisis in its continuing crawl, and its the reason for our mission and our work.
