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As the home industry rebounds, Dallas-Fort Worth home builders are back in business putting up 5,861 new homes, which is a nearly 27 percent jump year over year. In the past 12 months, North Texas builders put 20,339 new homes on the ground. Over the past year, the median home prices increased by more than 8 percent to nearly $250,000, according to the data. New home sales also climbed during the second quarter, with builders closing on 4,978 units, a 25 percent increase year over year. Ted Wilson, principal with Residential Strategies Inc., says he doesn’t expect rising mortgage rates to impact the housing market because the rates are still historically attractive. However, the rising interest rates are expected to slow price increases in the next year, said David Brown, regional director for Metrostudy’s Dallas-Fort Worth office. [Read this article]
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