Jul 12, 2018
DFW home starts reach cycle high
NORTH TEXAS – Despite increases in land, labor, and materials costs, North Texas annual new home starts set another housing cycle record in second quarter 2018, with area builders initiating construction...
NORTH TEXAS – Despite increases in land, labor, and materials costs, North Texas annual new home starts set another housing cycle record in second quarter 2018, with area builders initiating construction on 9,902 units in the period.
The housing starts pushed the annual rate to 35,399 new homes in the July 1, 2017 through June 30, 2018 timeframe, according to a report from Residential Strategies Inc.
Annual starts are up 12 percent year-over-year.
Of the growth in new home starts over the past year, 8 percent has occurred under $250,000, 69 percent from $250,000 to $350,000, 18 percent from $350,000 to $500,000 and just 5 percent were over the $500,000 mark.
While the surge in starts raised the number of under-construction units to 17,412 units in 2Q 2018 from 16,429 units in 1Q 2018, the amount of finished vacant inventory dipped to 5,634 units from 5,715 units in first quarter.
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