Builders in North Texas started construction on 14,217 units in the first three months of 2024, marking a 44.7% improvement from the previous year. The annual start rate reached its highest level since Q2 2022. However, there are underlying factors that contributed to this increase.
Builders started construction on 14,217 units, a 44.7% improvement from the 9,828 starts in Q1 2023. But will interest rate cuts come? North Texas home builders continued their push, getting off to a hot start in the first three months of 2024.
Ted Wilson, the group’s principal, said it was a very solid quarter, but there’s more to the story underneath those numbers.”There’s a story behind the story,” Wilson said. “Going back to the end of 2022, there was a lot of finished housing inventory on the market. When we went into the first part of last year, builders had huge sales, but they were focused on selling down that inventory. They didn’t start as many units… That’s why starts were up as much, comparatively speaking.
New home closings were slightly stronger than at the end of last year, but flat compared to the first three months of 2023. Builders closed 12,965 units in the first quarter, a smidge down from 13,069 in early 2023. Sales of existing homes remain limited. Data from the Texas A&M Real Estate Data Center show there were 91,131 existing home sales for the 12-month period ending Feb. 24. That’s a yearly drop of 4.6%.Homeowners locked into a 3% or 4% rate likely won’t sell, but builders have some tools at their disposal to get other folks interested in their newly built homes. Builder buy-down programs could reduce mortgage rates to 4.5% or 5% for a few years.
North Texas Home Builders Construction Q1 2024 Annual Start Rate Housing Inventory
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