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It's Almost Impossible to Buy a House in Dallas

Why area homebuilders can't keep pace with demand
relates to It's Almost Impossible to Buy a House in Dallas
Photographer: Ben Torres/Bloomberg

Last year, Rick Smith put his family's house in suburban Dallas on the market, hoping to find a new home close to better schools and the city's downtown. Selling the old house was a snap; buying a new one wasn't. In January the family moved to a town home in a rental community, and quickly found they weren't the only family forced into renting. “If you drive around our community, you’ll see moving boxes stacked up in the garages,” he said. “No one wants to unpack, because they think they’ll be moving again soon.”

Welcome to Dallas in 2015, a city whose bustling economy is attracting new residents at a rapid pace—and making it increasingly difficult to buy a house. New listings get multiple offers in mere days, said Steve Habgood, president of the MetroTex Association of Realtors. Homeowners are increasingly reluctant to sell lest they wind up in Smith's situation. "People are saying, 'Great, I can get a premium on the price I paid, but where am I going to live once I sell?'" said Habgood. "The options are pretty limited."