DFW new home prices rise fastDFW new home prices rise fasthttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=73942013-05-14T11:40:00Z2013-05-14T07:00:00Z

DALLAS-FORT WORTH - New home prices in first quarter 2013 hit a record high of $244,113, according to Residential Strategies Inc.

“Builders are reporting that they have increased housing prices $20,000 to $50,000 in some submarkets,” said Residential Strategies principal Ted Wilson. Lot prices in North Texas are up as much as 60 percent and lumber prices are 30 percent to 50 percent higher than a year ago.

New home starts in 1Q 2013 were up about 30 percent from the same period 2012. Local builders are expected to start between 20,000 and 21,000 homes in North Texas. “Starts are up 46 percent from the market bottom” in 2009, said Wilson.

The price for lots in prime North Texas subdivisions has doubled or more in the last few years, according to builder Bruno Pasquinelli, CEO of CB Jeni Homes. "The new homes in this area have been so affordable over such a long time that the market can probably withstand this, but it can’t go on indefinitely," said Pasquinelli.

Dallas Morning News
Dallas-Fort Worth-Arlington
http://www.dallasnews.com/business/residential-real-estate/20130509-dallas-area-builders-worry-that-new-home-prices-are-rising-too-fast.eceRead more at {Source}

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