2) Of course – prices are still high compared to pre-pandemic levels.
With another 18% drop in builder sale prices needed to match the 2019 value level of $336,000 for a new house.
Will we eventually get there? pic.twitter.com/xzUvh2Y7dk
— Nick Gerli (@nickgerli1) March 25, 2024
5) As you can see, these tactics of reducing prices and mortgage rates have allowed builders to return home sales to 2019 levels.
To be clear: not anything close to a rebound to pandemic madness.
But simply: buyer demand (new home sales) back to normal. pic.twitter.com/MPbCxMYZmb
— Nick Gerli (@nickgerli1) March 25, 2024
8) All of that is pretty alarming. Builders in many cases are cutting net prices by 25%+ from pre-pandemic norms.
Suggesting a huge downturn in the market that is going largely unreported by the mainstream financial and real estate news.
— Nick Gerli (@nickgerli1) March 25, 2024
"The median monthly mortgage payment is just $31 shy of its all-time high due to elevated mortgage rates and prices."@Redfin pic.twitter.com/6XjFFkOk6p
— Daily Chartbook (@dailychartbook) March 25, 2024