Getting out of a real-estate contract due to uncertainty

[Santhosh Dasari]

I recently signed a contract to build a house in Dallas and paid about $50k. House was going to be ready by end of this year. We were planning to move this summer and rent a place while the house was getting built. Now with the current virus situation I am concerned about a few things. Mainly what will be the impact on real estate 

1.) If the market goes down what will happen to the value of the house I am building. Am I on the hook for the price I signed or will it be the prevailing price?

2.) Will I be able to sell my current house couple of months from now?

So, since there is so much uncertainty I was wondering if I can back out of the contract I signed without losing a lot of money. That way I will have one less thing to worry about.  

Thanks for suggestions!