Inventory is at a 14-year high... but the cranes aren't stopping.

There is a fascinating irony in the Dallas real estate market right now.
Last week, I noted that our available inventory has spiked 25% over last year. Usually, that’s a signal to tap the brakes. Instead, DFW has doubled down, ranking as the No. 1 metro in America for new residential permits with over 71,000 units authorized in 2024.

It seems the "Texas Magnet" is still at full strength. 🧲

With nearly 200,000 people moving to the DFW area annually, the long-term play is clear: we need housing. Whether it’s single-family homes in McKinney (the #6 growth city in the U.S.!) or apartments in the urban core, the infrastructure is trying to keep pace with the 2.5 million one-way moves happening across the country.

Builders are currently "finding the floor" with incentives and navigating rising costs, but the macro-story remains the same: People want to be in North Texas.

My take: Short-term inventory levels are high, but long-term growth is undeniable.