To prop up sales, 24% of home builders cut prices, others tried mortgage-rate buydowns or other incentives.

#Phoenix builder: “The positive is there’s light at the end of the tunnel for improving build cycle times. The negative is there won’t be customers on the other side of said tunnel.”

The Case-Shiller index, which lags 4-6 months, is starting to pick up the price drops in Seattle, San Francisco, San Diego, Los Angeles, Denver, and Portland.  

Buyers moseyed away from sky-high prices but are still there, just a lot lower, while many sellers hang on to illusions.