DFW builders put the ‘boom’ in booming housing sales

Last year, North Texas’ persistent spring rains impacted the builder’s bottom line for home sales. The good weather has boosted the number of houses constructed in the past 12 months to 29,084 homes, which is considered to be a record level for the housing cycle.

Of the 7,035 single-family homes constructed in first quarter 2016, builders closed on 6,506 homes, which was a 26 percent increase year-over-year, according to Residential Strategies’ research.

The sales activity for homes priced over $500,000 remain robust, even though builders are looking to build in more affordable neighborhoods.

North Texas’ lot supply sits at 51,127 vacant developed lots, which represents a 21.1-month supply, with 24 months considered a theoretical equilibrium.

At the end of the first quarter, there were 34,141 home lots under development.

The demand for homes is spurred by companies relocating or expanding in the region. Dallas-Fort Worth created 116,800 new jobs in a 12-month period ending in February.