Home builders like Lennar have cut prices on new houses substantially over the last several years. With the average selling price on a Lennar house in Q1 2024 being 16% below the peak in 2022. With prices in Texas dropping by even more, down 24%.

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These prices cuts are due to lack of affordability as well as an excess supply of new homes being built. With Lennar being the second largest home builder in America, indicating that what they're doing has a pretty good representation on the housing market more broadly.

Home builders are cutting prices and offering generous mortgage rate buydowns because the buyer demand has fallen significantly since the peak of the pandemic. While the inventory of homes for sale has spiked.

Home prices are falling most in cities like Austin, Dallas, Houston, Nashville, Phoenix, and Las Vegas, where these builders have cut prices the most in the since the peak of the housing bubble in 2022.
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