New home price crash in 2024 vs 2008: Since their peak in 2022,...

New home price crash in 2024 vs 2008:

Since their peak in 2022, new home prices are down ~20% in 16 months.

By comparison, new home prices fell 20% in 43 months in the 2008 crisis, according to Reventure.

This means that new home prices are officially falling faster now than they were in 2008.

As new home prices fall, homebuilders are offering incentives such as reduced mortgage rates but it doesn't seem to be helping.

The reality of the housing market is that demand isn't as strong as it appears. We simply just don't have enough existing home supply.

https://x.com/KobeissiLetter/status/1774148609866383767?s=20