DFW builders: labor shortages equals 'pushback' in housingDFW builders: labor shortages equals 'pushback' in housinghttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=148382016-10-13T05:00:00Z2016-10-13T21:45:00Z

​​​DALLAS-FORT WORTH - With labor shortages and escalating material costs, Dallas-Fort Worth builders are having a hard time keeping a single-family home under $400,000 and they have begun seeing an impact to the sales pace of homes.

The last few months in the third quarter have been choppy with builders closing on 7,036 homes in the third quarter, which is up 3 percent year-over-year, according to Residential Strategies' 3Q 2016 research.

Meanwhile, the median price of a new home was up 13.2 percent year-over-year to $336,381.

Last week, the Dallas Business Journal reported that North Texas builders say labor shortages are tacking on at least $4,000 to the cost of a home in the region, with skilled labor being particularly hard to recruit.

Here are a few takeaways from the 3Q 2016 housing report by Residential Strategies:
  • Construction started on 7,824 new homes in 3Q 2016.
  • There were 15,770 homes under construction at the close of 3Q, which represents the highest level of homes under construction since 3Q 2006.
  • At the close of the quarter, there were 52,508 vacant developed lots available to builders. This is a 21.5-month supply, with 24 months considered equilibrium.
  • It took developers more than 14 months to develop a home lot in the third quarter. Typically, it takes developers about nine months to build a home lot.​
Dallas Business Journal
Dallas-Fort Worth-Arlington

​Want more on Housing​? Go to Dallas-Fort Worth Market Research​!

Read more at the {Source}

 Search NewsTalk Texas