Dallas Metro New Home Sales Soar in June

Further evidence of an economic turnaround showed up yesterday in the form of new home sale statistics as Texas and in particular Houston and Dallas led the nation in new home sales for June. Houston was the top market for new home sales while the Dallas market was second. Texas had more new home permits than Florida and California combined. Much of the increase can be attributed to first time buyers starting to come to the market in mass in order to beat the November 30 deadline. The market is currently experiencing a push upward. Just recently released numbers showed an existing home sales increase of 3.6%. The two numbers are the best news that the local housing market has had in some time. Even with the news of new home sales being positive, home starts in the Dallas market are down about 70% from 2006 levels. This is important because builders need to keep inventories from bulging in the second half of the year and therefore putting renewed pressure on the local housing market. We will continue to monitor these statistics here on this Blog.