Home Builders just reported the biggest Crash in Prices since 2008

Home Builders are cutting the price of new houses across the US Housing Market, with prices dropping 18% YoY. The biggest one-year decline in new home prices in US History, even bigger than the decline in the 2008 crash.

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These builder price declines are biggest across housing markets like Texas, Utah, Colorado, and Florida, where the most new construction is. In Austin, TX, in particular, home prices are down 15-20% with many sellers needing to cut the price by more.

In addition to cutting home prices, home builders are also giving below-market mortgage rates, as low as 3% for the first year of the loan on some properties. With full-term mortgage rate buydowns as low are 5%.
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