Wednesday, October 13, 2010

New Home Inventories down in Plano and other communities

The inventory of new homes available for sale in Plano and the surrounding DFW area is at the lowest level since 1999.  New home builders had an available inventory of about 4100 homes at the end of the quarter.  This is down sharply from the 2006 levels when building was at its high and is considerably lower than 2009.  The inventories in 2009 were allowed to rise due to the first time homeowner tax credits.  

Demand for new homes is the strongest for homes price at $200,000 and below.  Economists for the National Association for business economics believe that home prices have seen the bottom in most markets and that we will see a gradual improvement in both prices and offtake.  The association thinks that home prices will increase about 1.2% in 2011, but the increase may lag broader measures of inflation.

The Dallas Fort Worth Metroplex will be one of the leaders in the recovery.  Plano real estate prices have remained fairly steady in spite of the weak national economy.  Area unemployment remains lower than the national average and the general condition of the Plano economy continues to be relatively healthy.

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