National real estate prices have corrected back to first quarter 2003 levels and could wind up near third quarter 2002 prices, according to estimates from John Burns Real Estate Consulting. These prices are a 5 percent correction from the S&P Case-Shiller Home Price Index.
However, the prices vary markedly from city to city. Bubble markets such as Phoenix and Las Vegas are back to 2000-2001 median prices. But metro areas that were late to the downturn, such as Houston and Seattle, are still at 2006 prices and could tumble even further.
New home prices have corrected more and could be a good leading indicator since home builders tend to react quickly to market conditions.
Related Stories
Business
The Five Foundational Cornerstones
Business coach Scott Beebe shares insights into the often ignored business basics that could be the difference between long-term success and failure
Custom Builder
Start With the Why: Fundamentals of the Custom Builder Business
In our inaugural episode of Taking Care of Business, host and custom builder Duane Johns sits down with Scott Beebe, head coach and founder of My Business on Purpose, to talk vision, purpose, mission, values, and more
Business
Why AI Is Now Key to Our Trade Partner Strategy
Thompson Custom Homes Business Manager Erin Day explains how AI became a crucial part of building and maintaining successful trade partner relationships
Business
November Data: Custom Architects Weigh In, New Construction Trends, Contractor Confidence, and Material Price Changes
We've collected highlights from a number of data reports published throughout the industry in November
Business
Guest Column: What I'm Seeing Out There
Industry expert and advisor Mark Richardson shares stories from the field, from what's changing to what's working
Custom Builder
In Business: Modern Design, Compromise, and Money
Custom builder Zane Williams opens up about what it takes to maintain his architectural vision, from handling clients and staying true to his fluid style, to the importance of transparency and how a slush fund avoids awkward conversations mid-construction
Custom Builder
Top Problems Faced by Builders in 2022
Chief among the concerns was the price and availability of building materials, though the impact of waning consumer confidence also grew
Custom Builder
Custom Home Building Gets Good News
New data from NAHB shows that while much of the market is in contraction, custom home building continues to gain strength
Business
Cash Isn't Just King, It's Your Lifeline
Four experts explain how paying attention to cash flow can help keep builders from robbing Peter to pay Paul