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

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

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!):

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...

#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