10-18-2013 10:00 AM

DFW’s supply of new homes hits 20-year low




Even as Dallas-Fort Worth builders remain busy building new homes for a surging residential market, the finished inventory of vacant homes in North Texas sits at a 20-year low.
“The low lot inventory is continuing to push lot prices in the high demand locations,” said David Brown, regional director of Metrostudy, a Hanley Wood company, which recently released its third-quarter housing report for 2013.
If there’s not an increase in home lots from developers, builders won’t be able to start homes and in-demand submarkets will be constrained for buyers, he said.
Brown walks us through the numbers:
22,000 The number of homes that builders are expected to build this year, which is the most new home starts since 2007
19%
The year-over-year increase in new home starts in the third quarter of 2013
5%
Fewer finished new homes in North Texas, despite the increased new home starts.
Source: Metrostudy, Q3 2013 report
Candace covers commercial and residential real estate and sports business.
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