San Jose Builders Slash Prices 12%, Inventory Climbs Fast
Housing Market Adjustments and Builder Price Strategies In San Jose's shifting housing market, builders are adopting aggressive price reduction strategies to navigate economic volatility and rising interest rates. They’re cutting home prices by an average of 12% to adapt to these conditions. Increased competition among builders is partly driving this trend, as developers work to attract cautious buyers. Price reductions are strategically focused on specific developments or model homes to generate quick interest. Builders also pair price cuts with additional incentives, like upgraded features or closing cost assistance, to boost perceived value. These strategies are crucial for maneuvering a changing market, influenced by buyers' greater negotiation power and economic uncertainty. Rising inventory is perceived positively for buyers, although it remains below normal levels . San Jose builders face similar market challenges seen in Philadelphia's plummeting listings and the o...