Texas bidding wars heat up as builders respond to rising demand
According to Bloomberg, the Texas bidding wars are booming as existing homes prices in Dallas and Houston increase at a faster pace — even rivaling the oil boom of the 1980s.
Homebuilders, caught off guard by the ferocity of buyer demand, are exhausting construction-ready lots as they struggle to recruit workers to complete houses quickly.
Residential sales across the Lone Star State reached a record in the second quarter. At the current pace, it would take about three months to sell the inventory of existing homes on the market in Houston and Dallas, less than the U.S. level of 4.9 months and the lowest since at least 1990, according to data from the Texas A&M University Real Estate Center.