It is interesting how the DFW metroplex is so clearly acknowledged by the real-estate world, so frequently, for its positive impact on the US home-building market. It is an established fact that “No place builds more new houses than Dallas-Fort Worth and is the top US home-building market, with Houston coming in at 2nd” – music to DFW's ears – straight from The Dallas Morning News.
This impressive bit of insight reflects DFW's standing as of the third quarter of 2018. Analysts from Metrostudy tell us that as the leader of the US home-building pack, DFW came in with almost a whopping 35,000 single-family annual home-starts for the 12-month period ending in September. Houston offered 29,370 starts for that same time-frame.
As a side-note: Metrostudy covers all of DFW with a total of 11 counties; and it includes the up-and-coming markets in Kaufman, Ellis and Parker counties. Metrostudy representatives cover 20,000 miles and more than 2,100 subdivisions once every 3 months in order to offer the most-updated information regarding home-construction details – from future lots to completely-constructed homes.
The two metro giants, DFW and Houston, have topped the charts for several years, now, with home-construction numbers, and indicators show no signs of slowing down. Transwestern tell us that DFW starts were up by 8.7% and Houston home-starts were 6% when compared to a year, ago. The third quarter of 2018 marked the 28th consecutive quarter of increased annual closings for DFW – testimony that builders in the area are delivering what the people want: new homes that are more affordable.
In years past, optimal emphasis was not being placed on smaller, more moderately-priced homes in the DFW area; and this was a sub-market that needed to be more fully addressed. During the past year, builders and developers, however, have offered more-affordable homes that are smaller with fewer amenities. Because of this, the median price for homes has dropped in DFW over the past year. Paige Shipp, Regional Director of Metrostudy, is quick to point out that the lower median price does not reflect devaluation but, rather, a greater interest among buyers who, simply, want smaller homes that are easier on the pocketbook.
Home-buying numbers have slowed down in North Texas; in fact, the inventory of vacant new homes in DFW has jumped to the highest level, since 2012. Shipp tells us: “This cooling should be viewed as a positive stabilization of an overheated, frenzied market. Builders and developers should use this opportunity to return to the fundamentals of home-building including land acquisition and selling.”
These metro areas are ranked by 3Q 2018 home-starts as well as % change, when compared to 2017.
Dallas-Fort Worth ------ 34,924 ---------- 8.7%
Houston –---------------- 29,370 ---------- 6.0%
Central Florida –-------- 26,678 ---------- 15.3%
Atlanta –------------------ 25,585 ---------- 8.9%
Phoenix –----------------- 23,524 ---------- 7.7%
Denver –----------------- 21,078 ---------- 9.9%
S. California ------------ 20,778 ---------- 10%
N. California ------------ 18,468 ---------- 24.3%
Austin ------------------- 16,396 ---------- -1.9%
Salt Lake City ---------- 13,824 ---------- 17.6%
As the demand shifts to lower-priced new-homes, DFW remains the #1 market in the entire US – impressive!
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