Although Dallas-area home prices continue to rise, they are doing so at the slowest rate in almost six years, according to The Dallas Morning News.
It’s probably a good thing that the local housing market is taking a chill pill, since, as the DMN points out, Dallas-Fort Worth home prices are more than 40 percent higher than they were before the recession.
The likely culprit for the cool down is higher mortgage rates and an increase in properties for sale in the area.
One thing that hasn’t chilled out is construction. At least not enough to get a handle on the growing worker shortage.
Construction workers are in high demand across North Texas, and homebuilders are struggling to find enough manpower, even though hourly wages for Texas construction workers rose almost 12 percent, according to the DMN.
A new survey conducted by Meyers Research for the Dallas Builders Association shows there are nearly 38,000 construction jobs that remain unfilled. The Dallas Builders Association says that’s twice as many openings as two years ago.
Phil Crone, Executive Officer of the Dallas Builders Association, told NBCDFW that he was “astounded that we had that amount of shortage.”
“It’s just a product of being at full employment, the homes being where the jobs sleep at night, and we just don’t have enough people to get the job done.”