There's still significant construction going on, and many of those new homes are sitting on the market at prices similar to those purchased. I bought new in suc

There's still significant construction going on, and many of those new homes are sitting on the market at prices similar to those purchased. I bought new in such a community; my section (finished last summer) was sold out pretty quickly, and the section just finishing filled in much slower, and the ones still under construction are sitting available even longer. I got caught up in the middle of the massive rise in rates. I had a lock at 3.25, but documentation requirements that were a bit onerous forced me to shop. I found a decent alternative but by that time the rates were sitting at 5.25, which would have represented a $400 payment increase for the exact same house. Fortunately I was able to get things worked out with the original lender, but $400 is a significant difference. I could have done it with a developer income, but not everyone can. Takeaway: An affordable house 2 years ago isn't the same thing as an affordable house now, even at the same price.