A rise in mortgage rates and home prices didn’t seem to slow down Dallas-Fort Worth home starts in the third quarter, said Dallas-based Residential Strategies.Area builders started construction on 5,786 homes in the quarter, a 26.3 percent increase from a year ago and the ninth straight quarter of year-over-year increases, the market consulting firm said.“Traffic and sales patterns during the third quarter were more seasonal than the previous year, but buyers were also adjusting to the environment of higher mortgage rates and house prices,” Ted Wilson, principal with Residential Strategies, said in a news release.Builders started the quarter with large backlogs, he said. And sales were also up. Dallas-Fort Worth builders closed on 5,019 homes in the third quarter, 610 more than during the third quarter of 2012, a 13.8 percent increase.At the end of the third quarter, the annual start rate for the trailing four quarters was 20,810, compared with 16,458 at the end of the third quarter of 2012.The annual closing rate at the end of September totaled 18,718 homes for the trailing four quarters, up from 15,686 a year earlier.The supply of finished vacant homes grew slightly to 2,698, representing a tight 1.7-month supply, Wilson said. Of those, 848 are in Fort Worth.
Sandra Baker, 817-390-7727 Twitter: @SandraBakerFWST