Housing Construction Trends in Dallas-Fort Worth Area

 

As of July, there's been a notable surge in new housing construction in the cities of Celina and Princeton, Collin County, with increases of 36% and 31% respectively. Data from Tomlin Investments highlights 1,446 new home permits in Celina this year, a rise from 1,067 in the same period in 2022. Similarly, Princeton has seen permits for 914 homes, up from 698.  

 

 

In Grayson County's Sherman, single-family residential building permits are up 47%, largely influenced by major developments from Texas Instruments and GlobiTech Inc. These firms are developing semiconductor plants, promising around 4,500 jobs in the upcoming years. Sherman aims to introduce 8,000 new homes and 10,000 multifamily units in the next decade to accommodate this growth. 

 

However, there's been a decline in other areas. Permits have decreased by 32% in Frisco and 23% in Prosper. Little Elm witnessed a 49% drop, Denton declined by 19%, Melissa decreased by 7%, and Anna remains steady.  

 

Broadly, the Dallas-Fort Worth (DFW) housing market remains strong. Despite increasing mortgage rates since 2022, new home prices in DFW are nearing their peak. The average new home price in July stood at $499,115, a slight increase from June's $493,647 and May's $492,762, as per the HomesUSA.com New Home Sales Report.  

 

Ben Caballero, CEO of HomesUSA, noted the resilience of the housing market despite external challenges. He emphasized that while new home prices have plateaued, the demand-supply balance remains favorable. However, Caballero anticipates seasonal factors may reduce sales in the near future. Indicative of this, pending new home sales in DFW slightly decreased last month, with a three-month moving average of 2,372 in July, down from 2,531 in June. Caballero projects a stable trend in listings in the upcoming months, contingent on interest rate movements. 

 

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