Texas has its tightest housing supply in almost three decades, just as the spring/summer home buying season kicks off. In February, there was a 3.1-month supply of new and preowned houses listed for sale across the state — the lowest inventory in 28 years, according to a report from the Real Estate Center at Texas A&M University. "Existing homes have been in short supply for a while," center research economist Luis Torres said in the report. "The big difference is now the shortage of new homes is more pronounced." The supply of homes available for purchase is even tighter in North Texas. In February, there was only a 2.7-month inventory of preowned, single-family homes listed for sale with area real estate agents. There was a 2.2-month inventory of completed but vacant new houses available in Dallas-Fort Worth at the start of 2018. A balanced home market is considered to have a six-month supply of available homes. The number of preowned homes for sale in North Texas has increased about 6 percent so far in 2018 compared to 2017. But most of the gain has been in higher-cost houses. More affordable homes, priced below the median price of $250,000, are increasingly in shorter supply.
- Dallas Morning News, April 5, 2018