North Texas Bucking National New Home Sales Trend

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Ken Molestina Ken Molestina
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DALLAS, TX (CBS 11 NEWS)- Despite a nationwide decline of new homes sales, North Texas is once again serving as an exception to the trend. The U.S. Census Bureau reported on Thursday that the month of June saw a decline of 8.1 percent in new home sales across the country. It is an alarming trend for many housing market analysts, but experts here at home say it’s quite the opposite in our area.

Tony Caballero, of Net Worth Realty, described the housing market both for new homes and previously lived in ones as being strong and steady. In most cases, he says people are outbidding one another to get into these houses.

Caballero said, “Most people are paying 18 to 20 percent above market value just because there is no supply out there, and they want to buy a house and they can afford it. That’s what happens with supply and demand.”

He went on to say if there is a new home market problem in DFW, it is that there aren’t enough of them.

Caballero added, “The labor can’t keep up with the demand. I mean they just can’t build them fast enough.”

The median cost for a new home in the month of Junes was $273,500 according to the U.S. Census Bureau report. Some of the reason given for the decline in sales across the country are strict lending guidelines, and lack of space in many metropolitan areas.

(©2014 CBS Local Media, a division of CBS Radio Inc. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)

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