The Great Disinflation Of The Housing Market Is Clearly Underway
The fastest-rising mortgage rates in decades have cooled demand so abruptly in many hotspots that it took the industry by surprise. The share of new-construction offerings with price cuts has quadrupled from a year earlier. ‘We’re in a different place. The builder can no longer name a price and say, 'pay it or move along,’ said Nicole Freer. It topped 9% nationally in May. ‘The writing is on the wall that more supply is coming. More inventory is coming, no matter how you slice and dice the data,” said NicoleFreer. “The writing was on the table.