22% of Builders Nationwide Cut Prices in April 2020

According to the latest National Association of Home Builders (NAHB) Housing Market Index (HMI), about 22% of builders nationwide cut their home prices, approximately 5%, in April, trying to rejuvenate sluggish sales and avoid cancellations. Builders in the South (26%) and Midwest (23%) were more prone to reduce prices, when compared to the West (13%) and the Northeast (12%). In comparison during the last housing recession 52% of builders in May of 2007, cut their prices by 7% and 49% in March of 2008 reduced their prices by 8%.

FEA compiles the Wood Markets News from various 3rd party sources to provide readers with the latest news impacting forest product markets. Opinions or views expressed in these articles do not necessarily represent those of FEA.