Dallas-Fort Worth homebuilding rockets to record level (Austin, Arlington: for sale, apartments)

[citidata18]

As the article notes, this does include the period with the deep freeze /snow.

North Texas home starts surged more than 40% in the first three months of 2021 as builders tried to meet unprecedented housing demand.

Builders started a record 15,063 single-family homes across the region.

“It was huge numbers,” said Ted Wilson, principal with Dallas-based housing analyst Residential Strategies.

For the 12 months ending in March, Dallas-Fort Worth builders got 52,448 houses underway – blowing past records set more than a decade ago

https://www.dallasnews.com/business/...-record-level/

[citidata18]

There was also this part:

...Inventories of preowned North Texas houses have all but dried up, with the number of properties listed for sale with agents at the lowest level in decades.

“There is just a lack of exiting housing inventory under $350,000,” Wilson said. " If you are a first-time buyer, you are going to have to look at a new house...”

[biafra4life]

Originally Posted by citidata18

There was also this part:

The problem is that most new construction is even more expensive than pre owned homes, all but eliminating home buyers who are not well heeled.

[move4ward]

I couldn't find new construction around $300k, unless it was a horrendous commute, by the DFW landfill, or train tracks.

I am aiming for August-October to buy an existing home. COVID vaccinations will be mostly done. Home sellers with health problems won't have to worry about it.

[Wrecked]

Some of the further out burbs used to be under 300k but now their new builds under $300k were under 200k before the pandemic. What was 250-300 is now approaching or over $400k.

I built my house for $271k four years ago; same house in same development costs over $400k new. Almost anything new under $300k in the DFW is going to be small poorly built Cracker Jack boxes right now.

[widespreadfan]

Affordable house is a serious issue. The only places in my mind where you get a "deal" would be say Arlington or Duncanville and other parts south. Most apartments aren't cheap either. We just moved back here from out of state and were fortunate to find a house in December.

[Taynxtlvl]

Its a tragic case that's being repeated all over the country. Particularly in the sun-belt.. Hopefully things will settle later this year as COVID subsides. But right now it's dumb. If you don't have to buy right this instant. DONT! save yourself the frustration and hurt feelings. A neighbor of mine has been searching for weeks and just lost a bid for a house that he overbid on by 140,000 here in Austin and still lost it. It's madness. My friends in Charlotte and Phoenix report similar craziness so I know Dallas is right there. Also, from another friend who's house is under construction costs for supplies and materials have been terribly affected due to COVID from concrete to cabinetry and work stoppages. The told him your house will be finished this year but we can't tell you a date. Also, it's costing 15% more to build at least verses say a years ago this time.

[citidata18]

Originally Posted by Taynxtlvl

Its a tragic case that's being repeated all over the country. Particularly in the sun-belt.. Hopefully things will settle later this year as COVID subsides. But right now it's dumb. If you don't have to buy right this instant. DONT! save yourself the frustration and hurt feelings. A neighbor of mine has been searching for weeks and just lost a bid for a house that he overbid on by 140,000 here in Austin and still lost it. It's madness. My friends in Charlotte and Phoenix report similar craziness so I know Dallas is right there. Also, from another friend who's house is under construction costs for supplies and materials have been terribly affected due to COVID from concrete to cabinetry and work stoppages. The told him your house will be finished this year but we can't tell you a date. Also, it's costing 15% more to build at least verses say a years ago this time.

Even if you "DON'T" now, the question is "when?"

Do you think we're going to see home prices fall any time soon, or an sufficient increase in supply to meet the current demand any time soon?

[san11]

Forbearance program if not continued more will end on Dec 31 2021, this will decrease the supply ( to that date) .
Also , i think there is proposal that people in forbearance can apply for 40 year mortgage with same rate as they have and no fees or penalty. Mortgage companies have been directed to notify of this change to people under forbearance.
There is proposal that current admin is going to give 15,000$ tax credit to first time home buyer this year, this will increase the demand.

So, i don't think housing is going to cool off this year. It probably will get much more higher till next summer 2022 provided interest rate does not change drastically.

I found the youtube video source where i hear about this. He explained it with good logic.

The Housing Market JUST Went From Crazy To INSANE
https://www.youtube.com/watch?v=itmtWvqm_QE

[loves2read]

On Realtor.com new construction in NRHills/Bird ille ISD is 200$+ per sq ft
That is nuts to me
House is under 3K sq ft and small lot...

In Sarasota area of FL where we also have a home, some builders are holding back lots in new developments...
Releasing 4 a wk to auction—best/final and all to start above list price

Some people are already priced out of construction with that pricing...
But other people are buying...