Homebuilding Survey
Despite affordability constraints, buyer hesitancy and election noise, November orders followed normal seasonal patterns. Anecdotally, our contacts noted better buyer sentiment and traffic following the election. As the builders headed into a seasonally-slower fourth quarter with accumulating spec inventory given elevated start activity earlier in the year, incentives were used as the main tool to drive sales, especially at lower price points. As a result, seasonally-adjusted pricing declined for the sixth consecutive month in step with our measure of incentive activity soaring to a nearly two-year high.
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