The Dallas Texas Real Estate market continues to lead the nation, along with Houston and Austin, as one of the country’s top cities for new home construction.
Dallas, Houston, and Austin are on pace to build a total of nearly 130,000 new homes in 2017, based on a Trulia analysis of building permits. That’s more than 10 percent of all new construction expected in the U.S. this year, and enough to put all three metropolitan areas in the top five for permitting activity. New York and Phoenix round out the group.
Dallas and Houston are on track to add nearly 50,000 new homes in each market, while Austin is poised to add 30,000. For Austin, that’s more than double its yearly average from 1980 to 2016.
The pace of new construction doesn’t tell the whole story. It’s also important to look at whether new inventory is keeping up with the local market, together with the historic pace of construction.
San Francisco and San Jose, for example, are both adding new housing well above their historic rates, the Trulia report shows, but are on pace to add fewer homes than Raleigh, N.C. San Francisco has issued only one permit for new housing for ever six new jobs. Sacramento, San Diego, San Jose and Los Angeles also rate poorly for building new homes to support new jobs —unsurprising given California’s reputation for restrictive zoning regulations. In general, strong job growth and a low baseline for new construction have left these cities starved for inventory.
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