The end of 2022 marked the largest decline in quarterly North Texas home starts since the Great Recession as buyers pulled back due to higher mortgage rates and affordability challenges.
Builders began construction of almost 8,000 new homes in Dallas-Fort Worth in the fourth quarter, down 38% from a year ago when they started just over 12,900 homes, according to a new report from Dallas-based housing analyst Residential Strategies.
The third quarter’s decline of 33% from a year earlier was the first decline of more than 30% since the Great Recession, according to Residential Strategies data. The last time the region saw a steeper drop in home construction was in the second quarter of 2009, when starts fell almost 50%.
