So, unlike many homeowners that are thinking about selling, homebuilders started cutting prices in the fall of 2022, and they used mortgage-rate buydowns and other incentives to stimulate demand for their unsold inventory that had been piling up. Their business is to build homes and sell them, no matter what interest rates are doing, and they cannot sit there and wait, praying, “and this too shall pass.” Homebuilders, unlike homeowners that want to sell a house, are not emotionally attached to prices. But regular homeowners wanting to sell haven’t figured it out yet. That arbitrage is now happening among homebuyers.
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