New Home Prices Plummet, Builders Cut Costs

New home prices hit a five-year low, with a median sale of $387,400 in March, a 6.2% drop from last year. Builders are responding to high costs by offering smaller, basic homes at lower prices, especially in the Southeast and Mountain West. Realtors report buyers are opting for new builds over older ones due to bidding wars and affordability issues. Incentives like rate buydowns and reduced floor plans are attracting buyers, but high rates and low builder confidence keep the market from booming. Any affordability break could spark significant demand in the face of a national home shortage. Support the show:Get a discount at https://solipillow.com/discount/dnn. Advertise on DNN:[email protected] This is an automated, high-level news summary based on public reporting.Report issues to [email protected]. View sources & latest updates:https://sources.thednn.ai/3f11c06b9c6cc6a0