I do not totally disagree with this, for now, higher end builders seem to have more demand at this time. However that could change.

LEN just reported lower than expected margins on the last earnings.

They have not got destroyed.

I have puts on DHI and LEN. You could also do ITB for ETF put, I may roll some ABNB put profits into that. Builder stock prices have been holding up better than most, they were doing big buybacks. Hopefully that has come to an end.

That PE is based on the greatest market builder have had in years and they are moving into one of the worse.