Dallas-Fort Worth was still short over 40,000 home listings by the end of 2015, even as the number of single-family homes under construction set a regional record, according to one housing research firm. By the end of 2015, there were 14,180 single-family homes under construction, which represents a 7.2-month supply, but it wasn't enough to counteract the North Texas' home shortage, said Ted Wilson, principal at Dallas-based Residential Strategies, which tracks and analyzes Dallas-Fort Worth's housing market. "Shortages of construction labor continue to provide challenges for homebuilders," Wilson said. "Unfortunately, there appears to be no near-term alleviation for this challenge." The record rains in spring 2015 also set back the number of completed homes. For 2015, builders started 27,672 new homes, which was an increase 6.6 percent year-over-year, according to Residential Strategies' data. By year=end 2015, builders closed $23,565 single-family homes, which increased 7.9 percent year-over-year.
Builders' estimated the number of closings were 15 percent to 20 percent below their business plan because of construction delays tied to weather and a tight labor supply, Wilson said. And, so far, there's no end in sight, he said. "Shortages of construction labor continue to provide challenges for homebuilders," Wilson said. Wilson said North Texas' homebuilding industry outlook appears "quite bright" for the next few years as companies continue to relocate employees to the region. "This steady influx of workers should help sustain housing demand," he said.
- Dallas Business Journal, January 8, 2016