Dallas Builders Experience 22% Surge in New Home Sales
Originally published by: Builder Online — April 11, 2016
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Home sales are up 22% year-over-year in Dallas-Forth Worth in the first quarter of 2016 according to Dallas Business Journal staff writer Candace Carlisle, with 7,035 single-family homes sold. Ted Wilson, principal of Dallas-based Residential Strategies Inc., attributes the booming home sales to better weather in the first quarter. The good weather has also boosted home sales in the last 12 months to 29,084 homes, which is considered to be a record level for the housing cycle. Last year during the same time period, builders were plagued with persistent spring rains.
"Last year at this time it was raining a lot," he said. "This year, builders are more consistent with slabs poured and houses started. There has also been an increase in their labor force as well."
Of the 7,035 single-family homes constructed in the first quarter of 2016, builders closed on 6,506 homes, which was a 26 percent increase year-over-year, according to Residential Strategies' research. The sales activity for homes priced over $500,000 remains robust, Wilson said, even though builders are looking to build in more affordable neighborhoods.