Prices Plunge According To NAHB
Builder Confidence and Prices Plunge According to NAHB
“Housing Recession”: NAHB. Homebuilders Cut Prices as Traffic of Prospective New-House Buyers Plunges, Cancellations Spike Homebuilder sentiment dives 8th month in a row, their stocks are down 19% to 36% YTD despite blistering summer rally. The confidence of builders of single-family houses, after the second-biggest plunge in the data last month, fell again in August, the eighth month in a row of declines, having gone downhill every month this year over year traffic of prospective buyers plunged. And with the headwinds buyers face, including sky-high prices and 5%+ mortgage rates, they’ve lost interest Homebuilders cut prices to prop up sales and limit cancellations: 19% of the builders said they cut prices over the past month to "increase sales or limit cancellations," the median price of new single-family houses sold had plunged by a combined 12% in May and June.