We wanted to share some good news about our Houston real estate market. Home prices (and consequently lot and land prices) continue to rise. The median price increased 11.3 percent over the past year (Houston Association of Realtors). This is a consequence of a housing shortage in both apartments and housing albeit new or re-sale. The shortage is being exacerbated by job and population growth.
We have pulled a few of the salient points from articles that support this news and that I feel you may find of interest:
In the past year Houston’s population increased by 137,692 people.
http://www.metrostudyreport.com/lot-deliveries-in-dallas-fort-worth-surge-to-the-highest-level-in- since2008/?utm_source=feedburner&utm_medium=email&utm_campaign=Feed%3A+MetrostudyReport+%28Metrostudy+Re port%29
Annual new home starts are up slightly from 28,721 (1Q 2014) to 28,986 (2Q 2014). Home starts are restricted by an under-supply of lots and housing labor.
Finished new home inventory in Houston is 1/2 what it should be. The housing market is still supply constrained.
Houston home sales stage rebound in June/The Courier of Montgomery County
Houston housing inventory is the lowest in 40 years.
Days on Market, or the number of days a home takes to sell, reached the lowest level of
Houston will enjoy the highest growth in new households of any major city between 2014 and 2017.
Many of Houston's jobs pay well.
Houston has seen a surge in mid-skills jobs (usually requiring a certificate or a two-year
degree) in fields such as manufacturing, logistics and construction, as well as energy. Many of these jobs pay more than $100,000 a year.
Executive Vice President McAlister Investment Real Estate
McAlister Investment Real Estate
David Jarvis is leaving Metrostudy for McAlister Investment Real Estate.
The lack of liquidity in the market, combined with continuing loan maturities, has created the "perfect storm" in many real estate markets in the United States.