New Home Prices are now down 20% from their highs, in bear m...

New Home Prices are now down 20% from their highs, in bear market territory, and falling faster than rates seen in 2008, according to Reventure.
New home prices peaked in late-2022 at $497,000 and have fallen to $401,000 as of the latest data.
In the financial crisis, new home prices dropped by 23% from 2007-2010, according to Reventure.
We are down roughly the same amount in just 1.5 years, or half the amount of time.
Still, new home prices are ~20% above pre-pandemic levels and existing home supply is near record lows.
Is the housing market beginning to crack?