Friday July 12, 2013
When the real estate market crashed five years ago, the high level of existing home inventory caused the demand for a new home to practically fall off the radar.
Thanks to low finance rates, presently, Dallas new home builders are working hard to keep up with buyer demand.
New home starts in Dallas-Fort Worth during the second quarter of this year reached 5,937 - a five-year high according to a Metrostudy market report released earlier this week. The housing industry research firm also discovered the category proven to provide the biggest gain for builders: homes priced at $300,000 or more.
“The consumer can buy about 30 percent more house today and have the same payment,” said Ted Wilson of Dallas’ Residential Strategies.
However, this trend is not without growing pains. As an effect of the demand, there is a shortage of lots and builders are faced with significantly higher residential construction costs for materials – especially lumber.
However, the good news is that Dallas has an extremely high market action index (a real estate supply and demand calculation) – placing the city in a very strong seller’s market.
Needless to say, homes by Normandy Homes and the Dallas-Fort Worth-area neighborhoods they reside in are located in thriving buyer’s markets.
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