There have been huge recent cuts in the residential construction business, but Dallas-Fort Worth still ranks second in the country in new home sales and starts. Only Houston had more new house construction and sales during the 12-month period ending in March, housing analyst Metrostudy Inc. said Tuesday in a new report.
Builders have cut the number of home starts in North Texas by more than 50 percent in the last year because of the housing sector decline and the slumping national economy. But local builders still started more than 17,000 houses in the D-FW during the 12 months ending in March, Metrostudy said. At the same time, they sold almost 24,000 houses.
“Homebuilders are still challenged by economic conditions, but there are some positive trends,” Brad Hunter, Metrostudy’s chief economist, said in the report. Sales are running ahead of construction in every market Metrostudy surveyed, he said. “We are probably bottoming out in terms of single-family housing starts right now, but that does not mean we will return to the boom levels,” he said. Dallas-Fort Worth single-family home construction peaked in 2006 when almost 50,000 houses were started.
Top US new home markets – Based on number of starts and sales of single-family homes in 12-month period ending with March:
|California Central Valley||6,952||10,938|
|Inland Empire (California)||5,747||10,119|
|Salt Lake City||5,161||8,608|
|San Francisco Bay Area||5,135||9,714|