Dallas Housing Construction Increases as Mortgage Rates Drop

Home construction is on the rise in North Texas, according to a report from star-telegram.com. Construction on new homes has reached a 5-year high, as more people relocate to the Dallas area.

Low rates on Dallas mortgages are playing a big role in the new housing construction, according to Ted Wilson, principal with Dallas-based Residential Strategies. Thirty-year fixed mortgage rates recently hit near-historic lows, and Wilson sees both low mortgage rates and a general economic upturn as reasons why people are buying more new homes in Dallas.

Job growth is another factor that has influenced increased housing construction. MetroStudy’s Dallas-Fort Worth regional Director David Brown said, “It is likely home builders will start over 20,000 homes in 2013.” Home construction was up 35% for the first three months of 2013, compared to the same three-month period in 2012, with 4,312 new homes built in North Texas.

Compared to 5 years ago, there are also far fewer vacant homes in the Dallas Forth-Worth area. While a similar number of homes were constructed in 2008, there were more than 6,000 vacant homes at the end of March of that year compared to only 3,182 vacant homes at the end of March, 2013. This data further suggests a burgeoning housing market.

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