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%.