I am surprised it has only dropped that much.
Aside from the obviously slack demand on the consumption side, there is a lot less supply than there used to be. I suspect a lot of the consumption is eating up old and incomplete supply stores.

In other words, developments where the lots and/or the houses were to some degree built.

When I sell up in Temecula now (not exactly my urban cup of tea but cheap as hell) I see lots of developments that have changed hands or where it was started 7 years ago and then restarted at a slower pace more recently.