Houston home builders pick up pace

HOUSTON – New home starts soared 23 percent in third quarter 2013, as builders work feverishly to meet the demand for housing in this area.

Builders started 7,900 homes across the Houston area from July to September, according to Metrostudy.

On an annualized basis, starts stand at around 27,800. That’s 24 percent higher than the same period a year earlier and the strongest rolling four quarters since 2008. Buyers closed on 7,044 new homes during 3Q 2013, bringing the annualized number to 24,919 closings.

Home builders would be building even more, but a limited supply of lots has prevented more development. The number of completed homes for sale remains at historic lows as builders are selling many of their homes before they’re completed.