Home builders in the Dallas-Fort Worth area are doing what they can to try and better meet housing demand. The beginning of the year saw a slight increase in new home construction starts, even despite ongoing labor issues and the high cost of materials.
There were more than 15,000 new construction home starts in the first quarter of the year. That’s up more than four percent when compared to last year.
Despite this, the housing market in the Dallas-Fort Worth area still faces many challenges. There are a number of people interested in buying a new home, but at the same time, the area is dealing with a shortage of new construction homes for sale.
According to MLS data, the existing home inventory this March in North Texas was only about 2,400 homes. The median home sale price, on the other hand, was up about 22-percent, year-over-year.
Not only are construction prices up, but so are fuel costs. In addition, the cost of land development is up as much as 40-percent, year-over-year.