The end of 2022 marked the largest decline in quarterly North Texas home starts since the Great Recession as buyers pulled back due to higher mortgage rates...
A lower level of homebuilding could bring lower costs for buyers and help relieve supply-chain issues.
Sales of new homes were up last quarter as builders worked to complete the record amount of new construction they started earlier this year and in 2021. In the fourth quarter, builders closed almost 12,000 home sales, up 3% from the fourth quarter of 2021. Builders closed about 50,300 sales in all of 2022, up 9.2% from 2021.
Given the uncertainty of construction costs in the market over the past few years, many D-FW builders took a “spec-and-release” approach, starting homes in anticipation of demand and releasing them for sale late in the construction process when costs and margins were more clear. “Buyers that were waiting for more affordable opportunities compared to earlier in 2022 will find that many communities offer compelling house prices today,” Wilson said.
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