Buyers priced out of the new-home market by the big price increases of the housing boom may get another shot at something they can afford.

Many builders are cutting costs and prices as they struggle to attract more buyers and regain their footing in a market flooded with an excess of unsold homes. They’re creating less-expensive houses for new communities and spending less on finishing touches in existing subdivisions.

They’re asking subcontractors, like framing and concrete companies, to rebid projects at lower costs. And they’re pressing suppliers for better prices on things like carpet and electrical fixtures that are among the hundreds of options that can quickly cause a house’s base price to balloon.

To effectively run a home-building company today, executives need to be well versed in complicated economic and financial issues because these issues impact the decisions you need to make today.