New home prices are soaring in some North Texas
neighborhoods, thanks to rising construction costs and higher land prices.
Metrostudy Inc. reported Friday that median new home prices
in the Dallas-Fort Worth area have risen 24 percent since 2011 to $269,400 at
midyear.
In popular areas, prices have gone up even faster, the
housing consultant reports.
New home prices have risen 86 percent in North Dallas, are
up 43 percent in Frisco and 36 percent higher in McKinney over the last three
years, according to Metrostudy.
“Only 25 percent of the new home closings in the second
quarter were for homes priced under $200,000, down from over 40 percent in
2011,” the new report says. “The higher prices are forcing many buyers to the
nearby submarkets of Melissa, Anna, Celina, Little Elm, Oak Point and
unincorporated areas of Denton and Collin counties.”
Median new home costs in North Texas are now more than a
third higher than the median sales price for a preowned single-family home.
Metrostudy reports that home starts in the D-FW area were up
2 percent from a year earlier.
“We are expecting a 10 percent to 15 percent increase in
starts during 2014, with the largest share of the increase coming from the
first quarter,” Metrostudy’s David Brown said.
Metrostudy found that fewer than 3,000 finished available
new houses were on the market in North Texas at the end of June. That’s down 12
percent from a year earlier.
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