Builders began construction of almost 8,000 new homes in Dallas-Fort Worth in the fourth quarter, down 38% from a year ago when they started just over 12,900 homes, according to a new report from Dallas-based housing analyst Residential Strategies. “Builders are adjusting to lower levels of housing demand brought about by higher mortgage rates.” Sales of new homes were up last quarter as builders worked to complete the record amount of new construction they started earlier this year and in 2021. “Savings that can be achieved in direct construction costs likely will be passed onto the consumer in 2023.” Existing Dallas-Fort Worth single-family home sales also saw their biggest decline in more than a decade, with a 30% fall from November 2021 to 2022 amid the higher mortgage rates.