Business View Magazine May 2023

16 BUSINESS VIEW MAGAZINE VOLUME 10, ISSUE 5 The HMI survey showed the percentage of builders reducing home prices continued trending down, as 30% said they reduced prices in April – that share was 31% in March and February, 35% in December and 36% in November. The average price reduction in April was 6%, the same as in February and March but lower than December’s 8%. housing. Nonetheless, the industry continues to be plagued by building material issues, including lack of access to electrical transformer equipment.” “Currently, one-third of housing inventory is new construction, compared to historical norms of a little more than 10%,” added NAHB Chief Economist Robert Dietz. “More buyers looking at new homes, along with the use of sales incentives, have supported new home sales since the start of 2023. And while AD&C loan conditions are tight, there is not significant evidence thus far that pressure on the regional bank system has made this lending environment for builders and land developers worse.”