If new builds in socal and norcal are sitting on the market for more than a month is that a sign market has reached a top?

Ive noticed several new build homes in socal and norcal have been sitting on the market the last month and these builders have cut prices (seeing $5k to $20k price cuts) and also some have increased the closing credits. I understand this is likely due to rising interest rates but is this also a signal that new homes in parts of california have reached a near term peak. I’ve also noticed several new homes that were once sold are back on the market. Seems like some people are backing out of their purchase or not getting approved at the higher rates? Anyone considering backing out and losing the emd?

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Ive noticed several new build homes in socal and norcal have been sitting on the market the last month and these builders have cut prices (seeing $5k to $20k price cuts) and also some have increased the closing credits. I understand this is likely due to rising interest rates but is this also a signal that new homes in parts of california have reached a near term peak. I’ve also noticed several new homes that were once sold are back on the market. Seems like some people are backing out of their purchase or not getting approved at the higher rates? Anyone considering backing out and losing the emd? submitted by /u/bumble_bee21fb [link] [comments]

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