In the most recent report from the Real Estate Center at Texas A&M University, the slowing energy sector’s drag on the Houston housing market remains evident. And, the report said, homes sales in the state for 2015 remain positive, but the rate of growth has lagged behind the nation as a whole. While the Lone Star State’s economy continued to grow, the pace has moderated. With a drop in energy prices and the continued strength in the U.S. dollar, those things that boost Texas’ economy are causing it the most pain.
- The Houston housing market is slowing due to the energy sector's woes.
- New home permits grew across Texas in October.
- Although the sector has largely recovered from the housing bust, permitting activity is still not at all-time highs.
Big plans for business in 2018?
Give yourself the tools to own the new year at Connect SF, July 17-20, 2018
Comments
Related Articles
Multifamily deliveries and project starts are expected to taper off in Houston; however, the city’s downtown should see the completion of nearly 5,200 units in the next 24 months. Eighteen projects that are currently underway or planned. Currently 10 multifamily projects, which total more than 2,700 units, are underway in downtown. All of these developments will be delivered between early 2016 and the second quarter of 2017.
Record median home prices coupled with a decline in sales activity has aided Houston’s inventory. According to a report from Redfin, the metro experienced a 34.5 percent year-over-year inventory increase in November, the second largest rise in supply next to Denver. More than 7,300 new listings hit the market last month, bringing total supply to 22,092 homes.
According to a study commissioned by Houston Arts Alliance, from 2014 to 2019 growth among creative occupations is expected to rise by 10 percent. This growth would no doubt be beneficial to the city’s overall economy, as in 2014 total earnings within the creative industry totaled $9.2 billion.
Home prices, higher than average salaries and job availability make Houston the second best market nationally for lawyers. According to a ranking from SpareFoot, the average annual salary for a lawyer in Houston is $90,000. Based on the amount of school debt that typically burdens a lawyer, the availability of industry jobs and the cost of living in the area, Houston outranks big cities like Boston, Chicago, Los Angeles and San Francisco.