| With our area expanding so rapidly, it’s not a surprise that we’ve seen the highest level of new home production in North Texas since 2006. According to (Dallas Morning News) – North Texas homebuilders started 8,765 homes in the first three months of 2018, up 6.5 percent from the same period last year, according to data from Residential Strategies Inc.
New-home sales were 4.3 percent higher than a year ago with 7,865 houses purchased.
”Sales have been a little ahead of what they were doing last year,” said Ted Wilson, Residential Strategies principal. “The strength is really in the moderate price points.”
Starts of area houses priced from $200,000 to $250,000 rose by almost 20 percent compared with first quarter 2017. Although builders are shifting their focus to the affordable home market, the median price sold was $344,000.
“Builders are doing whatever they can to get prices down, but it’s a challenge,” said Wilson. “Land prices are up, and construction costs are up.”
North Texas new-home production is now at the highest level since 2006, but starts are still 30 percent below pre recession levels.
For more on the Texas housing market, check out the Center’s latest Texas Housing Insight report. |
