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Homebuilder Comments in October: "As negative as I've seen"

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Homebuilder Comments in October: "As negative as I've seen"

"October was the worst sales month in 12 years. No buyers, no sales."

CalculatedRisk by Bill McBride
Nov 9, 2022
21
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Homebuilder Comments in October: "As negative as I've seen"

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Here are some very negative homebuilder comments from around the country. In October, sales have fallen “off a cliff”.

Homebuilder comments courtesy of Rick Palacios Jr., Director of Research at John Burns Real Estate Consulting (a must follow for housing on twitter!):

Twitter avatar for @RickPalaciosJr
Rick Palacios Jr. @RickPalaciosJr
Home builder commentary from our survey this month was about as negative as I've seen to date. Here's some of the market color that jumped out...
8:53 PM ∙ Nov 9, 2022
141Likes43Retweets

#OklahomaCity builder: "Biggest challenge is your customers who just closed their home and see you drop prices by $30,000."

#Jacksonville builder: "Buying land at the top of the market and having to pull every incentive lever to sell is not a recipe for success. We'll cut starts ~60% to 70% in 2023."

#Boston builder: "October was exceptionally weak."

#Harrisburg builder: "October was the worst sales month in 12 years. No buyers, no sales."

#Baltimore builder: "The market is terrible."

#Birmingham builder: "The market is weakening demonstrably."

#Wilmington builder: "The market is falling off a cliff."

#Phoenix builder: "October started strong, then there was a head fake and in the last two weeks things dramatically worsened."

#Austin builder: "Cancellations spiked again in the second half of October."

#Dallas builder: "Traffic has completely dried up. We're spending considerable dollars keeping backlog in place and closing."

#Houston builder: "Anticipating 2023 being off 40% or more from pre-pandemic 2019, and 2019 was a typical standard year for us." THE END

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Homebuilder Comments in October: "As negative as I've seen"

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