Dallas-Fort Worth homebuilders constructed 22 percent more homes in the first quarter of the year than the previous year.
The good weather has boosted the number of houses constructed in the past 12 months to 29,084 homes, which is considered to be a record level for the housing cycle.
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.
North Texas’ lot supply sits at 51,127 vacant developed lots, which represents a 21.1 month supply, with 24 months considered a theoretical equilibrium by those in the industry. At the end of the first quarter, there were 34,141 home lots under development.
The demand for homes is spurred by companies relocating or expanding in the region. Dallas-Fort Worth created 116,800 new jobs in a 12-month period ending in February.
Read more at the Dallas Business Journal