Rick Palacios<\/a>.<\/p>\n\n\n\nAustin builder: \u201cSome parts of town where finished homes are now taking a month to sell versus hours. Market is definitely correcting. Incentives are back and seeing some builders cutting prices on inventory.\u201d<\/p>\n\n\n\n
Baltimore builder: \u201cCustomers now mentioning potential reduction in prices and\/or increase in incentives.\u201d<\/p>\n\n\n\n
Bend builder: \u201cMarket drastically changed in last month. Traffic slowed significantly. Sellers of both new and used homes are dropping prices.\u201d<\/p>\n\n\n\n
Birmingham builder: \u201cSteep decline in sales over past 2 weeks.\u201d<\/p>\n\n\n\n
Boston builder: \u201cRecently started seeing drop off in buyers wanting to get on interest list. A release of 4 new homes this past weekend may be the first one in quite some time that is not fully sold out from buyers on our waiting list.\u201d<\/p>\n\n\n\n
Charlotte builder: \u201cStill not meeting [sales] goal and seeing less traffic, with people taking longer to make decisions. Some close-out communities are not getting traffic.\u201d<\/p>\n\n\n\n
Columbus builder: \u201cMay traffic down 25% from April and don\u2019t expect June to compare well to May.\u201d<\/p>\n\n\n\n
Dallas builder: \u201cLower priced, outlying communities have slowed. Interest lists are nearly half of what they were.\u201d<\/p>\n\n\n\n
Denver builder: \u201cHigher rates are definitely bringing a chill to the market.\u201d<\/p>\n\n\n\n
Greenville builder: \u201cLowest traffic in many months.\u201d<\/p>\n\n\n\n
Harrisburg builder: \u201cMarket is soft, inventory is building. Missed May projected sales by 50%.\u201d<\/p>\n\n\n\n
Houston builder: \u201cHome prices hit a ceiling and incentives are starting to show up.\u201d<\/p>\n\n\n\n
Jacksonville builder: \u201cReleased 4 inventory homes in a HOT community and only sold 1 (first time haven\u2019t sold them in under 48 hours in more than a year).”<\/p>\n\n\n\n
LosAngeles builder: \u201cSeeing more cancellations due to payment shock for those in backlog that didn’t lock rates.\u201d<\/p>\n\n\n\n
Nashville builder: \u201cMost builders are cutting speculative housing starts by 15%.\u201d<\/p>\n\n\n\n
Philadelphia builder: \u201cForced to reduce some pricing and become more competitive.\u201d<\/p>\n\n\n\n
Phoenix builder: \u201cAs interest rates rise and pricing continues to escalate, there\u2019s no way we can sustain the type of sales rates we are used to.\u201d<\/p>\n\n\n\n
Portland builder: \u201cIncentives are back in the market.\u201d<\/p>\n\n\n\n
RiversideSanBernardino builder: \u201cPricing in this market will correct by 5-10%. If this administration lets the housing market slide because of inflation, we\u2019ll probably take some more hits to pricing.\u201d<\/p>\n\n\n\n
SaltLakeCity builder: \u201cHad a rough May.\u201d<\/p>\n\n\n\n
SanAntonio builder: \u201cBuilders are requiring higher earnest money deposits. Rates are impacting buyers due to debt-to-income ratios.\u201d<\/p>\n\n\n\n
Tampa builder: \u201cWebsite and phone traffic slowed dramatically in the past 45-60 days. Longer-term pause in buyer traffic would cause alarm for our 2023\/2024 business plans.\u201d<\/p>\n\n\n\n
The housing boom is over. I’m not predicting a repeat of 2007-2008, but lower prices and the negative wealth effect that comes with it seem inevitable, if the market didn’t have enough to worry about.<\/p>\n","protected":false},"excerpt":{"rendered":"
Let’s talk housing. 30-year mortgage rates are now 5.2% (or thereabouts). This is a double off the low. Coupled with significantly higher prices, this has caused mortgage payments to shoot up. From Charlie Bilello\u2026 In Jan 2021, the 30-yr mortgage rate was 2.65% and average new home price in the US was $401,700. Today, the […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[3],"tags":[],"_links":{"self":[{"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=\/wp\/v2\/posts\/15362"}],"collection":[{"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=15362"}],"version-history":[{"count":3,"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=\/wp\/v2\/posts\/15362\/revisions"}],"predecessor-version":[{"id":15365,"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=\/wp\/v2\/posts\/15362\/revisions\/15365"}],"wp:attachment":[{"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=15362"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=15362"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=15362"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}