The Dallas-Fort Worth housing market is more than 80 percent “back to normal,” according to a new study by the nation’s largest building group. The National Association of Home Builders compared housing market health in 350 U.S. metro areas for its new leading markets index. Only 50 of the U.S. markets the Washington, D.C.-based trade association looked at for its October report saw full housing sector recovery. Several Texas markets were on that list, including Houston, Austin and Midland-Odessa.
“Smaller metros are leading the way to a housing recovery, accounting for 43 of the top 50 markets,” NAHB Chief Economist David Crowe said in the report. “This is very much in keeping with the results of our previous index for improving markets, and is an indication of the extent to which local economic conditions dictate the strength of individual housing markets.”
Dallas’ preowned home market has fully recovered since the recession with record home prices and sales this summer. But the new home construction market is still running at less than half the pace it was before the housing crash. North Texas new home starts were up 26 percent in the third quarter from 2012 levels.
Article Received from: www.dallasnews.com
