Ali Wolf, Zonda’s chief economist, estimates 30% of builders have cut prices.
Homebuilders this past summer faced many of the same challenges as owners trying to sell their houses — buyers balking at high prices and even higher mortgage rates.
The sales slump will continue, according to Zonda, which tracks sales contracts for new homes. L.A.-O.C. pending sales were down 19% in the year ending in August, according to the data. I.E. contracts were down 45%. Ali Wolf, Zonda’s chief economist, says some of the dip can be tied to pricier financing, which is scaring off house hunters. But this summer’s lull also reflects buyers who might have waited to buy but purchased a home ahead of schedule last year to grab 2021’s cheap financing.
Q. I recently saw a promotion from a homebuilder: Buy now and get a 5% mortgage during a week in which rates overall averaged 6.7%. Such a discount probably cost the builder 2% or more of the purchase price, but it lets the builder report a sale at or near “full” price, yes?The majority of new home communities across the country are offering some kind of incentive to home shoppers today.
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