New data revealed North Texas home builders started the most homes homes in a single quarter since all the way back in 2007, which is great news considering low supply continues to drive home prices up all over DFW.
Representing the highest level of new home starts since the fourth quarter of 2007, area home builders have also started more than 30,500 homes throughout the region over the last 12 months ending in March, which is now labeled as the highest level of new construction activity since the Great Recession.
Compared to the first quarter of last year, home starts jumped 16% and builders have also sold more new construction homes during the first quarter of this year, registering 7,519 new home sales so far—a rate that’s also up 15% from a year ago.
With the strongest demand in the “affordable” category right now, homes being built also have a slightly lower median price when hitting the market, which has undoubtedly contributed to the overall median home price for new construction dropping from $350,000 in the fourth quarter of last year to $343,000 over the first quarter of 2017.
But even with the slight price drop, it’s estimated that only around 18% of new homes being built are affordable in relation to the median household income in DFW right now, which was last recorded at $72,000 a year.