{"id":7741,"date":"2023-02-23T12:42:58","date_gmt":"2023-02-23T18:42:58","guid":{"rendered":"https:\/\/walshtx.com\/?p=7741"},"modified":"2023-10-24T19:43:48","modified_gmt":"2023-10-25T00:43:48","slug":"housing-market-stabilizes-as-new-home-construction-adds-to-inventory","status":"publish","type":"post","link":"https:\/\/walshtx.com\/news\/housing-market-stabilizes-as-new-home-construction-adds-to-inventory\/","title":{"rendered":"Housing market stabilizes as new home construction adds to inventory"},"content":{"rendered":"

by Bob Francis, Fort Worth Report<\/p>\n

\"\"
Bart Calahan (Courtesy: GFWAR)<\/figcaption><\/figure>\n

Price increases abating? Home inventory up?<\/p>\n

It all sounds good to many Fort Worth area Realtors, who are ready for a more stable housing market.<\/p>\n

\u201c\u201cWe just finished going through a crazy 18 months or so where we had less than three quarters of a month of inventory, which is just crazy,\u201d said Bart Calahan, a Realtor with Coldwell Banker Realty and the 2023 president of the Greater Fort Worth Association of Realtors<\/a>. \u201cIt\u2019s hard to sell when there\u2019s nothing to sell.\u201d<\/p>\n

In January, the median price of a home in Fort Worth was $320,000, down $20,000 from December. What is up, notes\u00a0 Calahan, is the housing inventory. Those are good signs for Realtors and for buyers, he said.<\/p>\n

\u201cFrom my viewpoint, the market is stabilizing, which hopefully means the volatility is behind us,\u201d said Calahan.<\/p>\n

Although prices are similar to what they were a year earlier, inventory is higher. In January 2022, inventory was 0.7 months supply. It is now 2.1 months. That\u2019s still low, but for Calahan and other Realtors that\u2019s something that gives them an opportunity to sell.<\/p>\n

More homes are coming on the market. The Walsh Ranch development on the west side of Fort Worth is adding 224 new homes, its largest residential phase since 2020.<\/p>\n

\u201cWe\u2019re excited to deliver this many homesites in a new neighborhood at Walsh as we know this will bring interested buyers much-needed choice in what has been a very tight home market for Fort Worth and Tarrant and Parker County in recent months,\u201d said Jim Henry, senior vice president of community operations and Republic Property Group.<\/p>\n

The delivery of homesites at the Brook Hollow neighborhood will represent completion of about 35% of the initial Walsh residential phases planned since opening in 2018 and the largest residential phase in Walsh since 2020. The 1,600-acre residential development at Walsh is currently home to 2,500 residents.<\/p>\n

More homes are likely on the way for Fort Worth as well.<\/p>\n

In January, the City Plan Commission approved a project that will bring more than 1,600 homes on 495 acres as part of a project called Lone Star at Liberty Trails<\/a>. The project from Arlington-based homebuilder DR Horton is located west of Texas Motor Speedway, north of Texas 114 and south of Sam Reynolds Road.<\/p>\n

Also approved by the commission was an addition to the Ventana project located south of Joplin Blues Lane and west of Jeffrey Dunn Parkway in southwest Fort Worth. That project, Ventana Phases 6-8, totals about 204 acres and would add 538 single-family homes to the area.<\/p>\n

John Laudenslager, a commercial Realtor with Northern Crain<\/a> who does some residential work, said many builders are offering interest rate \u201cbuydowns\u201d to help customers afford a new home. A temporary buydown<\/a> reduces the buyer\u2019s monthly payments for the first year or so when a seller or builder subsidizes the interest rate the borrower pays. It was widely used in the 1980s when mortgage rates were also high.<\/p>\n

\u201cI\u2019ve seen that happen quite a bit because it doesn\u2019t impact the value of the home,\u201d he said.<\/p>\n

even as the housing market returns to some sort of normalcy,\u00a0 Laudenslager expects some homebuilders here to offer some different options to make homes more affordable, he said.<\/p>\n

\u201cI\u2019ve worked with some builders down in the Hill Country who are doing these build-to-rent homes,\u201d he said. Affordability has become a key topic among Realtors, he said.<\/p>\n

\u201cHow we do that is a key question going forward,\u201d he said.<\/p>\n

Bob Francis is business editor for the Fort Worth Report. Contact him at bob.francis@fortworthreport.org. At the Fort Worth Report, news decisions are made independently of our board members and financial supporters. Read more about our editorial independence policy<\/em> here<\/em><\/a>.<\/em><\/p>\n

At the Fort Worth Report, news decisions are made independently of our board members and financial supporters. Read more about our editorial independence policy<\/em> here<\/em><\/a>.<\/em><\/p>\n

This article<\/a> first appeared on Fort Worth Report<\/a> and is republished here under a Creative Commons license.<\/p>\n","protected":false},"excerpt":{"rendered":"

by Bob Francis, Fort Worth Report Bart Calahan (Courtesy: GFWAR) Price increases abating? Home inventory up? It all sounds good to many Fort Worth area…<\/p>\n","protected":false},"author":13,"featured_media":7742,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"content-type":"","inline_featured_image":false,"footnotes":""},"categories":[3289,3549,6],"tags":[],"yst_prominent_words":[76,61,78],"class_list":{"0":"post-7741","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-main-feature","8":"category-news","9":"category-press"},"yoast_head":"\nStable Housing Market<\/title>\n<meta name=\"description\" content=\"Fort Worth's housing market stabilizes with increased inventory and price adjustments. 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