A short note on homebuilder price cuts courtesy of Rick Palacios Jr., Director of Research at John Burns Real Estate Consulting (a must follow for housing on twitter!):
From Palacios on Twitter:
Comments from Palacios on Twitter:
Nationally, just 16% of home builders haven't had to drop prices since the market peaked in March 2022. Most builders have dropped prices -6% to -10%. Very different story when you break it out by region however...
More from Palacios on Twitter:
Looking at home builder price reductions regionally since March 2022, it's very clear correction so far is in California, Southwest, Texas, and Northwest. Plenty of orange and even some red bars for these regions, indicating double-digit price declines