Second Quarter Dallas-Fort Worth Home Building Hits Five-Year High
The Dallas-Forth Worth area has seen home prices rise greatly in the first half of 2013. One of the lead contributors to the rising home prices has been a lack of available home inventory. Much like other areas of the country, the Dallas and Forth Worth homes for sale continue to sell in a matter of days with prices moving higher. The demand for homes has greatly outpaced supply, marking nearly the entire Metroplex as a decided seller’s market. In spite of rising prices and low inventory, home builders are doing their best to keep up with the pace as a new market report by Metrostudy saw a record number of home starts for the second quarter of 2013.
In the 11-county area of Dallas-Fort Worth, Metrostudy reported construction on 5,937 homes between April and June. This is the most homes started in a quarter since the 5,971 in the second quarter of 2008. The regional director at the DFW office of Metrostudy confirmed and explained the trend, saying, “Home builders continued to report strong year-over-year gains in net sales during the quarter. Builders responded by starting more new homes during the second quarter than any time during the last five years.”
A great deal of this activity came specifically in the area of north Fort Worth, with 668 home starts there in the second quarter—up 59 percent from the same time in 2012.
In related news, the Dallas-Forth Worth home market also saw a large number of homes closed upon by buyer’s in the second quarter, signaling why developers are feeling so comfortable with these new home-building projects. Dallas-based Residential Strategies reported that a 25 percent increase on new home closings had occurred in the area in the second quarter, taking down the amount of available finished homes in the area to a current count of 2,653, down from 3,141. “Most builders carry a very limited supply of speculative homes these days,” said Ted Wilson of Residential Strategies. “Finished homes are moving quickly today.”
To hear more about how you can leverage home trends in the Dallas-Fort Worth area through a mortgage plan that fits your unique goals, please contact us today. We are local mortgage professionals and would be happy to assist you.