New Home Sales Hit Hard by Covid-19

The news was inevitable.

In Chicago, sales of newly built homes fell in the first quarter, stymied by the arrival of the Covid-19 crisis in March, typically the strongest month of the year for home sales.

In the first three months of 2020, builders sold 994 new homes locally, down more than 12% from the first quarter of 2019. That was a bit better than the nationwide drop of 15.6%.

Erik Doersching, executive vice president at Schaumburg-based Tracy Cross said, “March is usually about 15% of the year’s sales. But this year, March was when everything was shutting down and people stopped in their tracks.”

By April, he said, some builders "had rebooted with a new way of doing sales” and might show improved sales in the second quarter.

This is another reason why SFRs and multi-family rentals are likely to outpace home sales in the near future.

Read on HERE

Mr. Willig engages and coordinates a professional team of real estate brokers, general contractors, leasing agents, and property managers in order to rehabilitate, lease and maintain the properties he acquires for SpringView Investments. He has over 20 years of finance and accounting experience.