DALLAS (Dallas Morning News) – New home starts are up in North Texas despite a slowdown in sales, according to the latest data from housing analyst Residential Strategies.Builders started 5,786 homes during the third quarter, a 26 percent increase over the same period last year. Meanwhile, 5,019 new home sales were closed during the quarter — 14 percent more than a year ago.Although sales were at their highest level since 2008, they aren't rising as fast as they were earlier this year. They're also lagging behind existing home sales, which are up 20 percent this year.Ted Wilson of Residential Strategies attributed the slowdown in sales to higher mortgage costs and rising new home prices."Builders raised their prices aggressively in the spring market," he told the Dallas Morning News. "We've seen some markets where the price increases have been as high as 30 percent in the last 18 to 24 months."But because of the area's strong job market and projected population growth, and because mortgage rates are still below 5 percent, Wilson said things are still looking good for DFW's new home market."We still think all the fundamentals are in place," Wilson said. "We are creating over 100,000 net jobs a year, there is a lot of migration to Dallas-Fort Worth, and people have to live somewhere."
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Author:Debbie Viverito Phone: 972-836-9295 Dated: October 4th 2013 Views: 7,344 About Debbie: Debbie's knowledge of the Frisco and North Dallas area, homes and neighborhoods are just some of the...
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