With higher mortgage rates sending more homebuyers to the sidelines, builders scaled back construction in the most recent quarter. The number of Dallas-Fort...
North Texas builders started 9,603 single-family homes in the third quarter, a decline of 34% from a year earlier.With higher mortgage rates sending more homebuyers to the sidelines, builders scaled back construction in the most recent quarter.
With fixed-rate 30-year mortgages averaging near 7%, payments on a $300,000 loan have spiked by more than $700 a month — enough to lock many potential new home buyers of the market. “The unfortunate reality for many first-time buyers is that for-sale housing is now out of reach for their budget,” Residential Strategies senior vice president Cassie Gibson said. “Furthermore, many would-be move-up buyers are now concerned about the economy and are likely house-locked, unwilling to walk away from their favorable ultra-low mortgage rate to purchase a new home with a 7% mortgage rate.
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