Despite increases in land, labor & materials costs, DFW annual new home starts set another housing cycle record in the 2nd quarter of the year, with area builders initiating construction on 9,902 units in the past three months.
The housing starts pushed the annual rate to 35,399 new homes in the July 1, 2017 through June 30, 2018 time-frame, according to Dallas-based Residential Strategies Inc. (RSI). Annual starts are up 12% year-over-year, RSI reports.
The uptick in 2018 mortgage rates have also challenged home builders’ ability to maintain affordable new home prices, said Ted Wilson, principal with RSI. Even so, “most of the growth today is among affordable price points, especially the $250,000 to $350,000 range,” Wilson said. “Builders are focused on taking costs out of their houses this year, and there has been a shift to sell homes with smaller square footage’s,” he said.
Good News presented by The Seay Realty Group, dedicated to service and exceeding your expectations. Call us today!