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07/06/2012

DFW housing report says construction of new homes growing

A second housing report this week that shows Dallas-Fort Worth housing starts on the rise suggests the housing recovery is well underway.

"While much of the improvement to date has been centered on the northern suburbs and at the higher price points, our builder clients are reporting widespread improved confidence among potential homebuyers," said Ted Wilson, partner with Residential Strategies, a Dallas-based consulting firm, which released the report Friday.

D-FW homebuilders started construction on 4,538 houses from April through June, up 19 percent from 3,804 starts in the same quarter a year ago, the report said.

Builders also closed the sale of 3,901 homes, up 7 percent from the second quarter of 2011.

Wilson said low 30-year mortgage rates have contributed to the rise in construction and sales activity. The average 30-year loan rate fell to 3.62 percent this week, Freddie Mac reported.

"Buyers that can qualify for a mortgage want to take advantage of these attractive low rates," Wilson said.

Fort Worth has a supply of 2,738 new homes that range from being under construction to completed or model homes. That’s 112 more than the first quarter and 33 more than the supply at the end of June a year ago, the report said.

"Finished inventory is being snapped up in the better performing neighborhoods," Wilson said.

- Sandra Baker

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