Even though housing sales in Texas fell 3.2 percent, demand is still strong, the Texas A&M Real Estate Center’s June Housing Insight revealed. The same report revealed that Dallas’ affordable housing problems aren’t anywhere close to abating.
The report said that the Texas Residential Construction Cycle (Coincident) Index reached its highest level since 2008 last month, largely thanks to construction employment and wages. The index measures current construction activity in the state.
Housing shortages seem to have spurred an increase in supply activity, as the inventory of vacant developed lots rose 3.3 percent in Dallas-Fort Worth. However, single-family housing construction fell 1.8 percent in the second quarter. Texas is still at the top of the market with 16 percent of the national total for permits, though, and Dallas-Fort worth comes in at a strong second to Houston’s permit activity with 3,295. (more…)