Home builders have cut the prices of houses at even faster rate than they did in 2008. With the median sale price of a new house being down nearly 20% from the peak of the housing bubble.

Builders such as Lennar and DR Horton have done some of the biggest price cuts so far. In addition, they are offering huge mortgage rate buydowns to prospective homebuyers that are lowering rates. And adding to the net home price reductions.

Currently - the median sale price for a house in America, as reported by the US Census Bureau, is down to $401,000 in early 2024. That's a significant drop from the $497,000 figure at the peak in late 2022. While some of this reduction in home prices is due to smaller houses, the majority of the cuts are based on lower prices in general.
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