Homebuilders in Dallas-Fort Worth and across the country are feeling the effects of this year’s significantly higher home costs on demand for their communities.
reached 5% for the first time in more than a decade“Those are real dollars that are exacerbating the affordability crisis, and I think leading a lot of people to feel — between the rising cost of the house itself and the cost of borrowing money — that maybe it’s time just to stay on the sidelines,” said Phil Crone, executive officer of the Dallas Builders Association. “That’s not the way we want to cool off this market.
“A lot of people compare what’s happening now to when the market turned back in 2008, and it’s a very different situation now,” Wilson said. “Back then, the quality of the traffic was pretty abysmal. The traffic today is still very good.” Richard Costello, chief financial officer of Plano-based Green Brick Partners, said salespeople may have to go deeper into their lists of interested buyers, but “they know who to call because they know who can qualify and who has a good debt-to-income ratio.”
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